14:20: Chief Executive Philip Clarke: New store space in Europe, Ireland and the UK will be cut. Our performance has not been what we wanted it to be. Our large stores have been dragged back by over space in consumer electronics and under-space in clothing. We are going to go faster to improve. Prices must get better and more stable. Frivolous promotions should end and sensible ones should stay.
14:23 Clarke: Every large store will be re-invented in the UK by 2017. New store space will be cut to 700,000 square feet in 2014/15. Convenience stores will be better tailored and all stores will be refreshed by the end of 2016.
14:28 Clarke: "The consumer squeeze continues. There are signs of confidence in the UK economy and consumers, but they're not seeing it translate yet into spending power."
14:29 Clarke pays tribute to rivals. "Many of our competitors have done a great job and I admire the way that they have exploited their niches, in particular Aldi, Lidl and Waitrose. We don't ignore them.
14:45 UK Managing Director Chris Bush: Tesco to put £200m into cutting prices. "Prices in the UK have been too volatile for too long. I am committing to lower, more stable prices on the products that matter most to customers. Promotions have been too complicated and it is an industry-wide problem that we intend to solve. We are putting more money into more stable pricing."
14:50 Bush: Tesco to revamp spring and summer clothing ranges for launch in the next few weeks.
14:52 Bush: "We will open over 150 convenience stores a year and refresh about 450 stores a year.
14:53 Bush: "Overall performance of larger stores is one of the most important issues we need to address. We need to bring the very best of Tesco to our larger stores. We need to turn each of our large shops into compelling retail destinations. We need to ensure we have the right space for food and it is more engaging for our customers.
14:57 Bush: "It will take probably until 2017 to complete the accelerated large store refresh programme.
15:05 Group Multichannel Director Robin Terrell: "Online grocery now accounts for £2.5bn of sales. Tesco to dramatically expand click and collect with free click and collect to be offered across all product categories and will be expanded to collection lockers in locations other than stores.
15:27 Terrell: Tesco to launch Hudl 2 this year.
15:35 Laurie McIlwee, Finance Director: Capital spending to reach its lowest level for a decade.
15:37 McIlwee: Capex to drop straight to the bottom of the expected range and will be no more than £2.5bn in each of the next three years. Capex in Europe will be virtually turned off and focus will be on South Korea, Malaysia and Thailand.
15:43 Clarke: "£200m of price cuts started yesterday. It feels like now is the time to go faster in the way we did not in late 2011."
16:00 McIlwee: "Whatever it takes to win in this new era of retailing, we are going to do."