That Tesco is far keener to talk about its overseas performance than its UK sales tells you most of what you need to know.
Just for now, things are not going its way on its home turf. Rivals, notably Asda and Wm Morrison, have upped their game considerably in the past couple of years and shoppers, aided by the internet, are getting ever more savvy about comparison shopping.
In the old days under Sir Terry Leahy such blips would come and go.
Newspapers and City analysts would write that Tesco was wobbling.
Then it would soon become clear that Sir Terry was three steps ahead of the game and the company would emerge as the clear winner from whichever scrap it had started.
The new man Philip Clarke is still a slightly unknown quantity. Although he is Tesco through and through - a solid and extremely experienced manager - what is less clear is whether he has the magic touch retailers need.
After four consecutive quarters of falling UK sales there is a feeling that Clarke is under a little bit of pressure. He might say that he never expected any different.
Still, when even Tesco is feeling the economic pinch, you know it is tough out there. Clarke needs a lucky break as much as anyone.
