Christmas retail sales announced

Tesco have seen a fall in share price after the group reported poor Christmas sales.

The UK's largest retailer saw a 2.4% fall in like-for-like sales, which exclude new stores, in the six weeks to the beginning of January. It put the fall down to a weaker grocery market.

Rival supermarket Morrisons reported a 5.6% drop in sales for the same period.

Meanwhile Marks and Spencer says its food achieved record sales over Christmas but sales in clothing and general merchandise dropped by 2.1% in the three months to the end of December.

Ben Thompson reports.