الأربعاء , يونيو 17 2020

Tesco posts record £6.4bn annual loss

Tesco trolleys

Tesco has reported the worst results in its history with a record statutory pre-tax loss of £6.4bn for the year to the end of February.

That compares with annual pre-tax profit of £2.26bn a year earlier.

It is the third year in a row in which the supermarket giant has reported falling profits.

Annual group trading profit, which counts sales through the supermarket’s tills was also down 60% at £1.4bn, compared with £3.3bn a year earlier.

Tesco chief executive Dave Lewis admitted it had been “a very difficult year for Tesco”.

He added: “The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years.

“We have faced into this reality, sought to draw a line under the past and begun to rebuild, and already we are beginning to see early encouraging signs from what we’ve done so far.”

The results cap a tumultuous year for the supermarket giant which is still being investigated by the Serious Fraud Office (SFO) after it overstated its half-year profit forecast in August by £263m.

The supermarket booked costs of £3.8bn related to what it said were “declining profits at its trading stores” and costs of £925m, which reflected the decision in January not to go ahead with the building of 49 new stores.

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