Tesco has reported a third consecutive quarter of falling sales as the supermarket faces increasing competition from rivals.
For the three months to 24 May, the supermarket said like-for-like UK sales including VAT and excluding petrol fell 3.7%.
Chief executive Philip Clarke said trading would remain challenging "throughout the coming quarters".
Tesco reported a 6% fall in annual profits in April.
Tesco has faced intense competition from discount rivals including Aldi and Lidl as well as from more upmarket retailers such as Waitrose.
Industry figures continue to show the UK's largest supermarket suffering a decline in its share of the grocery market.
On Tuesday, data from grocery market analysts Kantar Worldpanel showed Tesco's market share declined to 29% in the three months to 25 May from 30.5% a year earlier, while sales fell 3.1%.
Tesco reports sharp fall in sales
Put the internet to work for you.
0 comments:
Post a Comment