A major Tesco shareholder has admitted the supermarket "has issues", but called for patience as the retailer attempts to turn around its fortunes.
Speaking ahead of Tesco's AGM, David Herro, CIO of Harris Associates, which owns a close-to 3.5 percent stake in the retailer, said he was confident things would start picking up soon.
"Clearly they have issues, clearly they have to address these issues (and) in our view they're doing just that," he told CNBC.
The AGM comes at a difficult time for Tesco, following a run of disappointing sales figures. Earlier this month, the supermarket – which is the world's third-largest retailer in terms of revenue after Walmart and Carrefour - reported a 3.7 percent fall in first-quarter same-store sales, excluding fuel.