Tesco under pressure after profits slump 6% to £3.3bn

Tesco profits decline for second year in a row as it loses shoppers to discount rivals Aldi and Lidl

Tesco
(Image credit: ODD ANDERSEN/AFP/Getty Images)

TESCO has announced a six per cent drop in its group trading annual profit to £3.3bn – its second consecutive drop in profits.

The fall is not as bad as some analysts expected, says the BBC, with many forecasting a drop of up to 10 per cent. However, the Financial Times reported yesterday that chief executive Phillip Clarke has been facing calls from some of Tesco's top shareholders to step down, amid escalating problems at the retailer.

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