Tesco sales 'may get worse before getting better'

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:

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Tesco still looks in stead decline - like for like sales fall again. Down 4% as it continues to lose customers to its rivals.

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Tesco says it is "sharpening" prices, it is not cutting them aggressively. Seeks to be competitive, not the cheapest.

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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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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%.