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Tesco UK sales decline 1.5% in third quarter Tesco UK sales decline 1.5% in third quarter
(35 minutes later)
Tesco has seen a decline in its underlying third quarter sales in the UK, with the supermarket chain blaming a weaker market for groceries.Tesco has seen a decline in its underlying third quarter sales in the UK, with the supermarket chain blaming a weaker market for groceries.
Like-for-like UK sales - which ignore new shop openings - excluding VAT and petrol were down 1.5%.Like-for-like UK sales - which ignore new shop openings - excluding VAT and petrol were down 1.5%.
The announcement comes 18 months after boss Philip Clarke launched a £1bn turnaround plan for the company.The announcement comes 18 months after boss Philip Clarke launched a £1bn turnaround plan for the company.
In October, the UK's largest grocery chain saw a 23.5% drop in profits in the first half of its financial year.In October, the UK's largest grocery chain saw a 23.5% drop in profits in the first half of its financial year.
"Continuing pressures on UK household finances have made the grocery market more challenging for everyone since the summer and our third quarter performance reflects this," said Mr Clarke in a statement."Continuing pressures on UK household finances have made the grocery market more challenging for everyone since the summer and our third quarter performance reflects this," said Mr Clarke in a statement.
Global conditions difficult
It added that its decision to slow the opening of new retail space and the money it was spending on upgrading its businesses had held back sales.It added that its decision to slow the opening of new retail space and the money it was spending on upgrading its businesses had held back sales.
Tesco said it had recently relaunched its "Finest" own brand and renovated 108 of its stores.Tesco said it had recently relaunched its "Finest" own brand and renovated 108 of its stores.
The supermarket chain said was working hard to improve its online shopping experience, by offering one-hour home delivery slots and setting up so-called "click and collect" drive-through locations.The supermarket chain said was working hard to improve its online shopping experience, by offering one-hour home delivery slots and setting up so-called "click and collect" drive-through locations.
It was also trialling several "non-store" locations within the online business.It was also trialling several "non-store" locations within the online business.
Outside the UK. Tesco saw its sales decline by 5.1% in Asia and drop 4.0% in Europe.
It said market conditions were difficult in Thailand, South Korea and Ireland.