Tesco has announced a range of changes to its business as like-for-like sales decline by 0.3% over Christmas.

The ‘big four’ supermarkets have come under pressure of late as discount retailers such as ALDI and LIDL gain greater market share.

Chief Executive, Dave Lewis has announced the company will close 43 of its most unprofitable stores and will ‘streamline’ the brand.

“I am very conscious the consequences of these changes are significant for all stakeholders in our business but we are facing the reality of the situation,” he said.

“Our recent performance gives us confidence when we pull together and put the customer first we can deliver the right results.”

Suppliers of Tesco could also see changes too. The firm’s trading updated mentioned planned moves to rebuild transparency including ‘generating relations’ with suppliers by implementing ‘new commercial income guidelines and associated year end cash management.’

However, their commitment to customers also includes an underlining of the retailer’s commitment to continue to drive down prices on certain brands.

Tesco announced several profit warnings last year and the firm’s senior management was embarrassed by an accounting mishap in which profit projections were overstated.

In the 19 weeks to January 3 like-for-like sales declined 2.9 per cent compared to a 5.4 per cent decline in quarter 2 of 2014 and Mr Lewis suggested the recent results were encouraging for the business.

“In difficult circumstances the team has begun the challenging task of reinvigorating our business. There is more to do but we have taken the first important steps in the right direction,” Mr Lewis continued.