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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%.

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Pressure intensifies on Tesco chief after drop in sales

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.

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