Media playback is unsupported on your device

Tesco chief exec Philip Clarke: Not surprised by drop in shares

12 January 2012 Last updated at 16:27 GMT

Tesco's share price has fallen sharply after it announced a drop in sales over Christmas and said it didn't expect its profits to rise significantly over the coming year.

Senior managers at the supermarket said they made mistakes in their festive advertising campaigns.

Tesco chief executive, Philip Clarke, said the international businesses had made good progress despite a challenging economic environment.