Horsemeat scandal hits Tesco's profits

Tesco's chief executive Philip Clarke has said the horsemeat scandal has had a "small but discernible impact" on sales of frozen and chilled food:

We have started the year on track, despite a continued difficult economic environment for consumers.

This is notwithstanding our planned work on general merchandise, which has held back sales in the UK, and a small but discernible impact on frozen and chilled convenience food sales due to the customer response to equine DNA being detected in four products.

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Horsemeat hits Tesco sales

Tesco has said the horsemeat scandal has had a "small but discernible impact" on sales of frozen and chilled food, as it revealed like-for like sales (excluding VAT and petrol) fell by 1% in the first quarter of the year.