Tesco chief executive Philip Clarke today unveiled a third successive quarter of worsening sales decline and indicated there was little immediate prospect of an end to the gloom.
ITV News Business Editor Joel Hills is following developments:
Tesco still looks in stead decline - like for like sales fall again. Down 4% as it continues to lose customers to its rivals.
Tesco says it is "sharpening" prices, it is not cutting them aggressively. Seeks to be competitive, not the cheapest.
May get worse at Tesco before it gets better. Turnaround to "continue to impact our headline performance throughout the coming quarters".
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