More questions have been raised about Tesco’s commitment to a major town centre regeneration project after it announced a 92% fall in profits today.

Pre-tax profits plunged to £112m in the first half of the year as Britain’s biggest supermarket also revealed an investigation into a black hole in its profit forecast had increased the shortfall to £263m.

The group’s chairman Sir Richard Broadbent said he is preparing to step down, adding: “The issues that have come to light are a matter of profound regret.”

It raises concerns over proposals for an 86,000 sq ft store in Dartford’s Lowfield Street, which it fought for 11 years to obtain planning permission for, granted in September last year.

The proposed development would see a new branch and more than 100 homes built on the site, but Tesco does not plan to start until November.

Last week, Dartford council leader Jeremy Kite said he was tired of waiting for the supermarket to get the project underway, warning them “get your act together”.

It follows a series of setbacks for the company in Kent in recent times.

The company scrapped plans for more than 100 stores nationally last year, including proposals for a Tesco Extra as part of the planned redevelopment of Sittingbourne town centre.

Last October, developers Quinn Estates decided to drop plans for a Tesco from its proposals to build houses and sports facilities on the former Herne Bay golf club. The scheme was rejected by planning officials earlier this week.

Earlier this month the supermarket giant abandoned plans to build a superstore on a site next to the Dreamland theme park in Margate.

Tesco wrote to the site’s landlord, Freshwater Developments, to terminate its contract to operate the 82,000 sq ft store on the seafront.

The retail giant, which has two smaller stores in the town, said its change of plan was the result of shoppers switching from large stores towards neighbourhood outlets and the internet.

The store proposed for Lowfield Street would measure about 86,000 sq ft in size.

A Tesco spokesman said: “We’ve now secured the approvals we need for the demolition works on site and will begin demolition at the start of November.

“We continue to work closely with Dartford council on our plans and will keep the local community updated on progress.”

The fall in Tesco’s profits has come as it is squeezed from high-end retailers like Waitrose and the rising popularity of discounters like Aldi and Lidl.

With Aldi set to open a store in Dartford and Lidl expressing an interest, council leader Mr Kite admitted: “Frankly, we could get to a point in 2015 where we’re going to wave Tesco goodbye.”