Tesco has reported a 6% fall in group trading annual profit to £3.3bn as it continues to lose market share to discount rivals.
It is the second year in a row in which the supermarket has announced falling profits.
Tesco said like-for-like sales, which strip out the effect of new store openings, also fell by 1.4%
But the fall is not quite as bad as many analysts had expected. Many had forecast a fall of up to 10% to £3bn.
Alongside its struggling UK business, Tesco also announced a £734m loss of value in its European business, which has been hit by the eurozone crisis.
In Europe, group trading profit fell 28% to £238m as sales in the Czech Republic, Hungary, Poland, Slovakia and Turkey, as well as Ireland, all slumped.
Group trading profit was also down 5.6% in Asia to £692m.
Tesco's core UK market share has fallen to a near 10-year low.
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