Tesco boss: We can compete with Aldi and Lidl

Tesco chief executive Dave Lewis has told ITV News the supermarket can still compete with lower-cost rivals such as Aldi and Lidl - and says he aims to rebuild the business "inch by inch" after last year's huge losses.

Speaking to Business Editor Joel Hills, Lewis - who took over from Philip Clarke in August - refused to criticise any of his predecessors despite profits falling by more than half in 2014/15.

He admitted, however, that Tesco had "not been as competitive as we should be" in recent years, and conceded the company was spending "significant" amounts on private jets - which have since been sold - when he arrived.

Nonetheless, he said recent signs - including an increase in like-for-like sales in the final quarter - had been encouraging and added he did not believe the good days had "gone for good".