Tesco shares slide as horsemeat scandal knocks UK sales

Supermarket giant Tesco suffered another fall in sales in the UK in the first quarter of this year as the business continues to struggle to regain momentum amid the economic slowdown and the recent horsemeat scandal.

The business reported like for like sales in the UK fell by 1% in total, at the lower end of forecasts, despite having spent £1bn on a refurbishment of its stores as part of a fightback across the UK. The news sent shares down in early trading, with Tesco off 1.6% or 5.85p, to 358.6p. Its share price has fallen substantially from highs seen in 2011 and 2012, when it traded around 440p. The group said it had been hampered by weaker demand for its general merchandise products as it reorganises that part of the business, and by the discovery across Europe of horsemeat in products labelle...