Philip Clarke took on a tough job as Tesco's chief executive - now his reign is over after three years of declining sales.
Tesco shareholders have every reason to feel glum. For much of the last three years the supermarket has looked in steady decline.
Tesco today takes on the high street's banking giants as it launches its first current account.
The underlying pre-tax profits at Britain's biggest supermarket Tesco fell 6.9% to £3.05 billion.
As Morrisons online delivery gets going, Tesco tells me they have made a whopping 170 MILLION online deliveries since target started
Tesco's like-for-like sales fell by 2.4% over the Christmas period, the company announced, blaming a "weaker grocery market".
Rival supermarket Sainsbury's revealed its "best Christmas ever" on Wednesday but warned on consumer spending going forward.
Tesco reported a dip in sales in its international markets with underlying sales sharply lower in Thailand, South Korea and Ireland during the third quarter.
The supermarket giant said international conditions remained "challenging".
Like-for-like sales in Asia declined by 5.1 per cent while European figures revealed a like-for-like sales decrease of 4 per cent.
Tesco have blamed a weaker grocery market for its fall in like-for like sales.
Total sales in the UK, including VAT and excluding petrol, increased by 0.9 per cent, however like-for-like sales, excluding both VAT and petrol, decreased by 1.5 per cent for the quarter.
The chief executive of the supermarket giant, Philip Clarke, said the results reflect the "continuing pressures on UK household finances".
The company said consumers were still adjusting to the "unprecedented period of declining real incomes and a higher cost of living", and there was weak growth across the UK grocery market.
Supermarket giant Tesco's like-for-like sales fell by 1.5% in the third quarter.
Supermarket giant Tesco's will announce its third quarter results this morning, with the retailer expected to post figures down from last year.