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
Tory MPs have been warned against opposing Philip Hammond's upcoming Budget.
A British diver has described how he thought he was going to die after becoming stranded out at sea and spotting two sharks.
The search for missing airman Corrie McKeague at a landfill site is set to resume - three months after it was initially called off.