| Tesco 'disappointed' by its UK Christmas trading |
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Tesco shares have dropped 10% after the retailer said it was "disappointed" by its seasonal trading in the UK.
Like-for-like sales, which exclude the effects of new store openings, fell 2.3%, excluding fuel and VAT. Tesco warned that it expected "minimal" profit growth for the current year as it increases investment, especially in the UK. Total group sales for the seven weeks to 7 January rose 5.2% including petrol and 4.0% excluding petrol. The supermarket warned that its profits for the year would be "around the low end of the current consensus range". |



