Tesco Reports Worst Sales Figures In 40 Years

Tesco's chief executive Philip Clarke has admitted the chain's latest drop in sales, which is the third falling quarter in a row, represents the worst he has seen in his 40 years with the group.

According to the supermarket chain, for the three months to 24 May like-for-like UK sales, including VAT and excluding petrol, fell by 3.7%.

The chain also reported in April a 6% fall in their annual profits to £3.3bn.

Discount rivals like Aldi or Lidl are challenging the supermarket chains and Tesco, along with Asda, Morrisons or Sainsbury's have responded by lowering prices on essential items.

Tesco, which said it sales in the essentials grew 28% last quarter, also announced a programme of store revamps which will see 650 of his supermarkets through UK upgraded in the next year.

Chief executive Philip Clark said: "Our accelerated plans are making a real difference for customers and we are more competitive than we have been for many years."

However, he warned the sales were set to continue to suffer.

Tesco's international figures recorded a 2.2% fall in like-for-like sales, including VAT and excluding petrol with 1% fell in like-for-like sales across the supermarket's European operations and 3.2% in Asia.


Related UK National News Stories
Click here for the latest headlines.

21 October 2014
Tesco Losing Out To Competitors
Sales at supermarket chain Tesco are said to be falling faster than any of its competitors. The findings, which have been complied by research firm Kantar Worldpanel, found that the troubled business is also losing its market share to discounted chains such as Aldi and Lidl. Waitrose is also usurping some of the market share.
11 June 2012
Sales Fall Again For Tesco
Despite an increase in money-off coupons and a blitz on customer services, Tesco has reported another quarter of falling sales in the UK. Analysts have described as “disappointing” the 1.5% declines in like-for-like sales, excluding petrol and VAT, in the 13 weeks to 26 May.
29 March 2006
Sainsbury's sales recovery continues
Supermarket chain Sainsbury's has reported another rise in sales for the January to March period - the chain's fifth consecutive quarter of like-for-like sales growth. The chain, the third largest supermarket in the UK, reported a 5.3% rise in like-for-like sales - excluding petrol - during the period.
17 February 2005
Quarterly sales flat in 'uncertain' consumer outlook
The latest figures for retail sales in the UK show that in the three months to January the seasonally adjusted index for retail sales remained flat and though the overall sales trend is on a par with the previous three months, the outlook remains uncertain.
07 May 2015
Michelin Acquires Tyre Sales Company For £50m
Michelin Tyres has purchased tyre sales company Blackcircles.com for £50 million. The Edinburgh firm generated a revenue of £28 million in 2013 and has experienced an annual growth of around 20% per annum since 2008. Michael Welch, founder of Blackcircles.