Tesco rings up £1.9bn profit

Tesco reported worsening sales declines today as electronics and entertainment products were hit hard amid the most challenging conditions for a generation.

The supermarket giant, which last week launched its £500m Big Price Drop campaign, said like-for-like sales excluding VAT and petrol fell 0.9% in the three months to August 27, a deterioration on the 0.1% decline in the previous quarter.