Tesco is the biggest faller on the FTSE 100 index this morning, with shares down nearly 4%, after its latest sales figures disappointed the market.
The supermarket giant said it had made "significant progress" after reporting a return to profit and its first quarterly sales growth for three years.
Statutory operating profit came in at £1.046bn for the year to 27 February, a turnaround from the £5.75bn loss reported last year. Meanwhile, net debt was reduced by 40% to £5.1bn.
Despite these improvements, markets reacted negatively to the news, with shares in Tesco dropping 3.8% by 9am, to trade at 188.9p.
Investors were disappointed as Tesco only reported a 0.1% increase in sales over the period to £48.4bn, undershooting consensus forecasts of £55.3bn.
Odey makes 'controversial' Tesco investment
The supermarket has had a tough couple of years, with a raft of disappointing results. Its shares are down 23% over the year to 13 April, but year to date they are trading 26% higher.
Meanwhile, the wider FTSE 100 index is trading 1.2% ahead at 6,316 this morning, buoyed by miners and financials.
Anglo American tops the index with a 6.9% rise to trade at 682.8p, while BHP Billiton and Rio Tinto are trading 5.6% and 5.5% higher respectively.
Standard Chartered, HSBC Holdings and St James's Place are also among the top risers, up 4.8%, 3.4% and 2.8%, respectively.
