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The biggest British Supermarket chain, Tesco has reported a 6% fall in annual profit to £3.3bn. This is the second time in a row that the Supermarket has suffered falling profits.

The retail giant also announced that like-for-like sales, excluding fuel and VAT, fell 3% in the three months to the end of February 2014.

The financial results, however, do not include figures for the company`s banking business which is reported separately.

According to the findings of a retail market analysis conducted by Kantar Worldpanel, Tesco’s market share was at its lowest level of 28.6% since 2004. The Supermarket is losing market share largely to discount rivals, Lidl and Aldi.

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In spite of the fall, the global retail giant remains the third biggest retailer in the world.

The company`s chief executive, Mr. Philip Clarke said: “We are transforming Tesco through a relentless focus on providing the most compelling offer for our customers.

“Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before.”

The defiant Mr. Clarke added: “We are determined to lead the industry in this period of change.”

The sales drop in the last three months was the biggest quarterly drop recorded during Mr. Clarke’s three-year tenure.

The company said it would put customers “at the heart” of what it does in this “new era of retail”.

A spokesman for Tesco admitted: “Our performance in the year was not where we had planned it to be.”

Tesco also announced that the company had incurred a £734m loss of value in its European business, which it said was largely due to the Eurozone crisis.

Its European group trading profit fell by 28% to £238m as sales in the Czech Republic, Hungary, Poland, Slovakia, and Turkey, as well as Ireland, all fell.

The company`s Asia Group also saw profits fall by 5.6% to £692m.

Tesco shares were up more than 3% in early trading on Wednesday.

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