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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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%.