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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. |