Tesco reports drop in UK sales

Supermarket giant Tesco unveiled a £1bn (€1.21bn) revival plan today after admitting it needed to raise its game in the wake of a drop in UK profits.

Overall group profits were 1.6% higher at £3.9bn (€4.7bn) but at a trading level the company said the UK dropped 1% to £2.5bn (€3bn) for the year to February 25 as sales came under pressure from resurgent rivals.