Tesco pre-tax profits fall 6.9% to £3.05bn

Underlying pre-tax profits at Britain's biggest supermarket Tesco fell 6.9% to £3.05 billion. Like-for-like sales fell 1.4%.

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Brand expert: Tesco needs to 'fight for our wallet'

Brand expert Stephen Cheliotis has said supermarket giant Tesco needs to "win us over by price" after it announced a fall in like-for-like sales.

Mr Cheliotis said: "A fierce market is great for us. They'll be fighting for our wallet and they need to fight for our wallet."

"Ultimately they need to win us over by price as well so this is good for us because it should mean a big squeeze on prices," he added.

Tesco boss: Results reflect trading 'challenges'

Tesco's chief executive Philip Clarke has said that the supermarket's results reflect "challenges" in a rapidly changing trading environment.

Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change.

Having strengthened the foundations of our business in the UK, we are now accelerating our growth in new channels and investing in sharper prices, improved quality, stronger ranges and better service.

– Philip Clarke, chief executive

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