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| Tesco finance director expected to resign | Tesco finance director expected to resign |
| (35 minutes later) | |
| Tesco's finance director is expected to leave his post ahead of what is likely to be a second fall in profits in as many years. | Tesco's finance director is expected to leave his post ahead of what is likely to be a second fall in profits in as many years. |
| Speculation that Laurie McIlwee may quit comes as Tesco finds itself locked in a price war with rivals. | Speculation that Laurie McIlwee may quit comes as Tesco finds itself locked in a price war with rivals. |
| Tesco posts its full-year results on 17 April. Analysts expect pre-tax profits to fall to £3bn from £3.2bn a year earlier. | Tesco posts its full-year results on 17 April. Analysts expect pre-tax profits to fall to £3bn from £3.2bn a year earlier. |
| In October Tesco reported a 23.5% fall in half year pre-tax profits. | In October Tesco reported a 23.5% fall in half year pre-tax profits. |
| It blamed the fall on a challenging retail environment, particularly in Europe. | It blamed the fall on a challenging retail environment, particularly in Europe. |
| UK like-for-like sales - which exclude new store openings - fell by 0.5%. | UK like-for-like sales - which exclude new store openings - fell by 0.5%. |
| At the same time Sainsbury's reported a 2% rise in like-for-like sales during the second quarter of its financial year. | At the same time Sainsbury's reported a 2% rise in like-for-like sales during the second quarter of its financial year. |
| Mr McIlwee's expected resignation comes after investors are thought to have aired frustrations relating to October's half year figures. | Mr McIlwee's expected resignation comes after investors are thought to have aired frustrations relating to October's half year figures. |
| Last April's full year results showed a £1.2bn write-down on Tesco's Fresh & Easy US chain of stores, which had never turned a profit. | |
| Tesco also wrote down £804m on its UK property portfolio. | Tesco also wrote down £804m on its UK property portfolio. |