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| Tesco disappointed by its UK Christmas trading | Tesco disappointed by its UK Christmas trading |
| (40 minutes later) | |
| The UK's biggest retailer, Tesco, says it is disappointed by its seasonal trading in the UK. | The UK's biggest retailer, Tesco, says it is disappointed by its seasonal trading in the UK. |
| Like-for-like sales, which exclude the effects of new store openings, fell 2.3%, excluding fuel and VAT. | Like-for-like sales, which exclude the effects of new store openings, fell 2.3%, excluding fuel and VAT. |
| Tesco chief executive Philip Clarke said the international businesses had made good progress despite a challenging economic environment. | Tesco chief executive Philip Clarke said the international businesses had made good progress despite a challenging economic environment. |
| Total group sales for the seven weeks to 7 January rose 5.2% including petrol and 4.0% excluding petrol. | Total group sales for the seven weeks to 7 January rose 5.2% including petrol and 4.0% excluding petrol. |
| The supermarket warned that its profits for the year would be "around the low end of the current consensus range". | The supermarket warned that its profits for the year would be "around the low end of the current consensus range". |
| Tesco reported UK figures excluding VAT to strip out the effect of the increase in VAT at the start of 2011. When VAT was included, like-for-like sales fell 1.3%. | Tesco reported UK figures excluding VAT to strip out the effect of the increase in VAT at the start of 2011. When VAT was included, like-for-like sales fell 1.3%. |
| In its statement, the supermarket chain also suggested that its spending on its promotion campaign - The Big Price Drop - had not been successful. | |
| "In a highly promotional market, the volume response to our increased investment into lowering prices did not offset the deflation it has driven," it said. | |
| But Tesco reported online sales growth in the UK of 14%, across food and non-food. | |
| It said it was pleased with the performance of its international businesses, although it was seeing "early signs of more cautious behaviour". |