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Tesco scraps outlook on larger than expected accounting black hole


    LONDON (Reuters) - Britain's biggest grocer Tesco reported a larger than expected hole in its accounts on Thursday, forcing it to scrap its full-year trading profit outlook.

    TESCO (TSCO.LO) which has lost a fifth of its market value in the last month, scrapped the outlook as its second-quarter underlying domestic sales fell sharply, down 5.5 percent.

    The group said last month it had overstated its first-half profit forecast by 250 million pounds ($401 million), but the group said on Thursday this had now risen to 263 million pounds.

    (Reporting by James Davey and Neil Maidment; writing by Kate Holton; editing by Guy Faulconbridge)