Tesco disappointed by its Christmas trading

Link to the article Channel 4

It's the UK's biggest supermarket chain - but £4bn has been wiped of Tesco's market value, after it reported "dire" Christmas sales. So what's gone wrong? Sarah Smith takes a look.



The giant retail chain already has almost a third of Britain's market share - but it's just revealed a 'disappointing' 2.3 per cent in like for like sales over the festive period, enough to send its share price slumping by 15 per cent.

Tesco started a price war with its £500m price-cutting campaign at the end of September, but said the number of customers drawn in by its latest promotion had not been enough to offset the lower prices.

Chief executive Philip Clarke, who took over from Terry Leahy in March, admitted the company's £500m Big Price Drop strategy hadn't worked.