- 4 updates
Tesco chief executive Philip Clarke today unveiled a third successive quarter of worsening sales decline and indicated there was little immediate prospect of an end to the gloom.
ITV News Business Editor Joel Hills is following developments:
The pressure on Tesco chief executive Philip Clarke has intensified following another big drop in like-for-like sales. Here is a timeline of the company's performance since he took the helm in 2011.
- February 2011: Sir Terry Leahy steps down as chief executive after 14 years in charge, overseeing a leap in pre-tax profits to £3.4 billion in 2010.
- January 2012: Tesco shocks the market with its first profit warning in almost 20 years after poor Christmas trading, plunging more than £4 billion.
- April 2012: The chain unveils a £1 billion UK revival plan, following complaints that 2,800 of its stores are cold.
- April 2013: Tesco reports its first fall in annual profits in 19 years, with post-tax profit tumbling almost 96% to £120 million from 2012.
- February 2014: The supermarket promises to spend an additional £200 million on lower prices for basic products.
- April 2014: Profits fall 6.9% to £3.05 billion.
- June 2014: The chain reports a 3.7% fall in like-for-like sales for the first quarter of its financial year.
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".
Supermarket chain Tesco has reported a 3.7% fall in like-for-like sales in its first quarter.