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".
More top news
Police launch double manhunt for two men after a girl was raped twice in Birmingham in separate incidents within a matter of a few hours.
Prince William flew a woman critically injured in a collision involving a police van to hospital during his final air ambulance pilot shift.
The train was severely damaged after ploughing into buffers at a busy station in the city's northeast in the early hours of Friday morning.