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17/04/2013
Tesco Suffer First Profit Drop In 20 Years
As Tesco announce they are to pull out of the US completely, the supermarkets profits have fallen for the first time in almost 20 years.
The supermarkets US chain of 199 Fresh & Easy shops have never made a profit and will now be wound up, at a cost of £1.2bn.
Alongside this there has also been write-down in the value of Tesco's UK property portfolio.
Statutory pre-tax profits fell 51% to £1.96bn but post-tax profits, which include the cost of the US exit, were just £120m, down 95.7%.
As well as the US withdrawal, Tesco is exiting Japan and said it would take "a more measured approach to our growth in China".
(H/CD)
The supermarkets US chain of 199 Fresh & Easy shops have never made a profit and will now be wound up, at a cost of £1.2bn.
Alongside this there has also been write-down in the value of Tesco's UK property portfolio.
Statutory pre-tax profits fell 51% to £1.96bn but post-tax profits, which include the cost of the US exit, were just £120m, down 95.7%.
As well as the US withdrawal, Tesco is exiting Japan and said it would take "a more measured approach to our growth in China".
(H/CD)
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Retailer giant Tesco has reported its share price has plummeted more than 15%. In a trading update, Tesco said profit to the year ending in February 2015 would not exceed £1.4bn. New Chief Executive Dave Lewis said: "Tesco is focused, and will continue to focus, on doing the right thing for customers.
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