Finance chief McIlwee admits Tesco sales disappointing

Nearly £4 billion has been wiped off the value of Tesco's shares after it announced a worse-than-expected performance over Christmas.

Excluding VAT and petrol, like-for-like sales fell by 2.3%.

After at first talking up the company's results, the company's Finance Director, Laurie McIlwee acknowledged on Radio 5 live Breakfast that he was disappointed in the performance of the supermarket.

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Breakfast broadcasts weekdays 0600 to 0900 on Radio 5 live.