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".
More top news
Former Girls Aloud singer Kimberley Walsh is pregnant with her second child, she has revealed.
Chancellor George Osborne will seek to reassure financial markets on Monday morning following Britain's decision to leave the EU.
In his first outing since the referendum result, the lead Leave campaigner has outlined his vision for a post-Brexit Britain.