Tesco suffers Christmas sales drop

Tesco (LSE: TSCO), the UK's biggest supermarket, has revealed a worse-than-expected drop in sales in the run-up to Christmas as it admitted its Big Price Drop had failed to pull in enough customers.

Tesco, which has 2,700 stores in the UK, said the 2.3% decline in like-for-like sales excluding VAT and petrol in the six weeks to January 7 was below its own expectations and "disappointing".