Tesco reveals 3.7% fall in like-for-like sales in first quarter
Tesco chief executive Philip Clarke unveiled a third successive quarter of worsening sales decline and indicated there was little immediate prospect of an end to the gloom. Britain's biggest supermarket recorded a like-for-like sales fall of 3.7%.
Tesco has defended its first quarter results, after it revealed a 3.7 per cent fall in like-for-like sales. Chief executive Philip Clarke said: "As expected, the acceleration of our plans is impacting our near-term sales performance."
Mr Clarke added: "The first quarter has also seen a continuation of the challenging consumer trends in the UK, reflecting still subdued levels of spending in addition to the more structural changes taking place across the retail industry.
"We are determined to lead in this period of change, building long-term customer loyalty and positioning the business to win in the multichannel era".