Tesco Full-Year Profit Slumps 6% To £3.3bn

Tesco has reported a 6% fall in full-year group trading profit of £3.3bn.

Stripping out exceptional items incurred in the last year, pre-tax profit was down 6.9% to £3.1bn.

The UK's biggest supermarket chain also announced like-for-like sales, excluding fuel and VAT, fell 3% in the three months to the end of February 2014.

The results do not include figures for Tesco Bank, which reports separately.

Shares in the company were up more than 3% in early trades on Wednesday.

Tesco's market share hit a 10-year low of 28.6% - its lowest since 2004 - in the 12 weeks to March 30 compared with the same period the year before, according to the latest data from market researcher Kantar Worldpanel.

It remains the third biggest retailer in the world.

The company, led by chief executive Philip Clarke, is 24 months into a turnaround plan for its main UK business that has seen over £1bn invested in store revamps, more staff, new product ranges and pricing initiatives.

Mr Clarke said: "We are transforming Tesco through a relentless focus on providing the most compelling offer for our customers.

"Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before."

He added: "We are determined to lead the industry in this period of change."

The sales drop in the last three months was the biggest quarterly drop recorded during Mr Clarke's three-year tenure.

The company said it would put customers "at the heart" of what it does in this "new era of retail".

It added the second-half of the year was particularly competitive in the UK sector.

A spokesman for Tesco said: "Our performance in the year was not where we had planned it to be."

Although it cited problems in countries such as South Korea and Thailand, the company is also looking further afield.

It recently announced it would return to the United States with its F&F clothing business.

In November, Tesco completed the sale of its loss-making US supermarkets operation Fresh & Easy to investment firm Yucaipa.

Earlier in the month the supermarket's finance director, Laurie McIlwee, resigned.

Sky News also understands Mr Clarke has decided to appoint a new chief marketing officer in place of Matt Atkinson, who has been in the role for just over a year.

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