The former boss of Tesco has told Sky News he is very disappointed with the performance of Britain s biggest retailer.
Speaking to Ian King Live, Sir Terry Leahy said: As a shareholder I am very disappointed. I know the business will be disappointed and the board will be keen to take whatever action is necessary in order to improve the situation.Tesco is a great business. And it s a great employer and we need to see it back with confidence and growing again. The supermarket chain has reported a 3.8% decline in UK like-for-like sales, excluding fuel and VAT, for the 13 weeks to May 24. Tesco s current CEO, Philip Clarke, took charge of the business in March 2011. He admitted last week this was Tesco s worst quarterly sales performance in his four decades with the business. Mr Clarke insists that he does have the right strategy and that more price cuts are planned. Shares have fallen substantially since the start of the year and its market share are in decline. Tesco has more than 3,000 UK shops and employing more than 300,000 people, with annual sales of £48.2bn domestically and £70.9bn globally. But it has struggled with the rise of cut-price rivals at one end of the market and premium providers at the higher end. :: See the full interview with Sir Terry Leahy - including details of the Festival of Business - on Ian King Live at 6.30pm tonight.