Tesco announces profits dip

Tesco’s annual profits have fallen for the second year in succession while latest UK sales figures showed a worsening decline, putting renewed pressure on embattled chief executive Philip Clarke.

Underlying pre-tax profits at Britain’s biggest supermarket were down 6.9% to £3.05bn (€3.69bn) for the year to February 22 while like-for-like sales dipped by 3% in the fourth quarter, the group said.