Tesco reports sharp fall in sales
Tesco has reported a third consecutive quarter of falling sales as the UK’s largest supermarket chain faces increasing competition from its rivals.
For the three months to 24 May, Tesco said like-for-like UK sales including VAT and excluding petrol fell by 3.7%.
The supermarket reported a 6% fall in annual profits in April.
Philip Clarke, Chief Executive said trading would remain challenging “throughout the coming quarters”.
According to BBC’s Business editor Kamal Ahmed, Tesco has admitted the fall in sales is its worst performance for 20 years.
Tesco has faced intense competition from discount rivals including Aldi and Lidl, as well as from more upmarket retailers such as Waitrose.
Mr Clarke said “our accelerated plans are making a real difference for customers and we are more competitive than we have been for many years”.