He said: ”This is the worst number we’ve got for Tesco in our records and it can only get worse after these recent shenanigans. The coverage has moved off the business pages on to the front pages and that will unsettle consumers.”
Tesco’s share of Britain’s £140 billion a year grocery market fell to 28.8 per cent in the 12 weeks to 14 September compared with 30.2 per cent a year previously.
Meanwhile the combined market share of Aldi and Lidl, which have both aggressively targetted middle class shoppers, rose from 6.7 per cent to 8.3 per cent.
One analyst said prospects for the “big four” supermarkets looked grim as they were forced to unleash ever more promotional deals to respond to the discounter challenge.
Meanwhile, bumper harvests in Britain and elsewhere in the world have pushed down prices of many staples such as potatoes and fruit. Kantar said underlying food inflation stood at zero for the first time on record.
Today Tesco said that its new financial chief, Alan Stewart, is joining the company immediately, more than two months earlier than originally planned.
He was previously in the same post at Marks and Spencer. His arrival fills a gap left by Laurie McIlwee, who left just over a week ago, following his resignation in April.
