Tesco's chairman Sir Richard Broadbent has told shareholders at the company's annual general meeting it is operating in "a new reality".
ITV Business Editor Joel Hills reports:
Shareprice down, sales in decline, Chairman of Tesco tells shareholders "living through a period of radical change" http://t.co/qUgTHY71UZ
Recession, the internet, the rise of the discounters. Philip Clarke says Tesco is operating in a "new reality".
SIr Richard Broadbent says Tesco board understands that humility is key if supermarket is to succeed in future.