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| Tesco announces 6% fall in profit | Tesco announces 6% fall in profit |
| (35 minutes later) | |
| Tesco has reported a 6% fall in group trading annual profit to £3.3bn as it continues to lose market share to discount rivals. | |
| It is the second year in a row in which the supermarket has announced falling profits. | It is the second year in a row in which the supermarket has announced falling profits. |
| Tesco said its like-for-like sales, which strip out the effect of new store openings, also fell by 1.4% | Tesco said its like-for-like sales, which strip out the effect of new store openings, also fell by 1.4% |
| But the fall is not as bad as many analysts had expected. Many had forecast a fall of up to 10% to £3bn. | But the fall is not as bad as many analysts had expected. Many had forecast a fall of up to 10% to £3bn. |
| Alongside its struggling UK business, Tesco also announced a £734m loss of value in its European business, which has been hit by the eurozone crisis. | |
| Rapid change | |
| Sales at UK stores open over a year, excluding fuel and VAT, fell 3% in the last three months of Tesco's financial year, the sharpest quarterly drop since Phillip Clarke became chief executive three years ago. | |
| Mr Clarke said: "We are transforming Tesco through a relentless focus on the most compelling offer for our customers. | |
| "Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change." |