With Sainsbury's overtaking Asda as U.K.'s second biggest retailer, there's been mixed news for the supermarket sector. Bruno Monteyne, senior analyst in European food retail, at Sanford C. Bernstein discusses the current state of U.K. supermarkets.» Read More
Michael Izza, CEO of the Institute of Chartered Accountants, says the accounting mistake by Tesco is "very serious".
Bruno Monteyne, senior analyst at Bernstein, says Tesco's accounting error was not a big surprise and that the group is in a "really tricky situation".
Tesco's stock price fell to its lowest level since 2003 after the group announced it had launched an investigation into a misstated profit, CNBC's Catherine Boyle reports.
Ewen Cameron Watt, chief investment strategist at BlackRock Investment Institute, says that the Tesco announcement that it has overstated its half-year profits could be the start of a clean-up of the business as new management steps in.
While the venture with Tesco will weigh on its profits in the near term, China Resources Enterprise will gain expertise from the partnership, says Charles Yan, Head of Greater China Consumer Research at Standard Chartered Bank.
Bruno Monteyne, senior analyst for European food retail at Sanford C. Bernstein, says Tesco's management is not dealing well with a changing U.K. food retail environment.
David Herro, chief investment officer at Harris Associates and one of the biggest shareholders in Tesco, says the supermarket chain has "issues" but is a "turnaround" story.
U.K. supermarket chain Tesco on Wednesday reported a sharp fall in first-quarter sales, hurt by price cuts and subdued consumer spending.
Bruno Monteyne, senior European food retail analyst at Sanford C. Bernstein, says there will be no major improvement from Morrisons after it posted very weak results.
David Gray, retail analyst at Planet Retail, says Tesco faces "fairly big" problems and need to focus on getting its food offering right, innovate and tighten margins on core products.
The U.K.'s supermarket battleground is heating up as the biggest companies are looking to invest and grab customers.
Paul Kavanagh, senior market strategist at Killik & Co., discusses Tesco following the supermarket chain's results, and says the it is doing "most of the positive things quite well", including its online offering.
"We think that Europe has turned the corner," Deutsche Bank Asset Management's Randy Brown says.
Christmas is the busiest time of year for most retailers, but which British stores had the best performance?
Wal-Mart Stores has recalled donkey meat sold at some outlets in China after tests showed the product contained the DNA of other animals.
Walmart's decision to end a joint venture with Bharti Enterprises could force other global retailers to re-think their expansion plans into India.
Russ Mould, investment research director at AJ Bell, says that Tesco, BSkyB and Sports Direct are among his top stock picks.
Richard Perks, director of retail research at Mintel International, talks about Tesco's new supermarkets and how they are gearing up for a trend towards out-of-town shopping.
Richard Perks, director of retail research at Mintel International, says Tesco has been doing "all the right things", but these measures won't have paid off yet, due to the horse meat scandal.
Joe Rundle, head of trading at ETX Capital, talks about the U.K.'s supermarket business, and advises going long on Tesco, due to its restructuring program.