Menu
22/04/2015
Tesco Announce Pre-Tax loss Of £6.4bn
Supermarket chain Tesco, has reported a pre-tax loss of £6.4 billion for the year to the end of February.
It is the largest loss in the company's history, and compares to a pre-tax profit of £2.26bn for the same period last year.
The company said that almost £5bn of the losses came from a fall in the property value of its UK stores, and follows an announcement earlier this year that it would close 43 shops.
Tesco Chief Executive, Dave Lewis, described it as a "very difficult year".
"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 market is still challenging and we are not expecting any let up in the months ahead," Mr Lewis added.
(MH)
It is the largest loss in the company's history, and compares to a pre-tax profit of £2.26bn for the same period last year.
The company said that almost £5bn of the losses came from a fall in the property value of its UK stores, and follows an announcement earlier this year that it would close 43 shops.
Tesco Chief Executive, Dave Lewis, described it as a "very difficult year".
"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 market is still challenging and we are not expecting any let up in the months ahead," Mr Lewis added.
(MH)
Related UK National News Stories
Click here for the latest headlines.
23 October 2014
Tesco Chairman Quits As Profits Plummet
Tesco Chairman Sir Richard Broadbent is to stand down, after the retailer reported a 92% drop in pre-tax profits. The firm also revealed that the accounting black hole in its profits is larger than anticipated.
Tesco Chairman Quits As Profits Plummet
Tesco Chairman Sir Richard Broadbent is to stand down, after the retailer reported a 92% drop in pre-tax profits. The firm also revealed that the accounting black hole in its profits is larger than anticipated.
02 August 2013
New RBS Chief To Forgo Bonus Until 2015
The new boss of the Royal Bank of Scotland will not take any bonus for his role until 2015. Shares in the bank fell 5% despite the announcement of a pre-tax profit of £1.4bn, up from a £1.7bn loss last year. It is understood that investors had expected a greater improvement.
New RBS Chief To Forgo Bonus Until 2015
The new boss of the Royal Bank of Scotland will not take any bonus for his role until 2015. Shares in the bank fell 5% despite the announcement of a pre-tax profit of £1.4bn, up from a £1.7bn loss last year. It is understood that investors had expected a greater improvement.
09 September 2011
WeightWatchers 'More Effective'
Overweight and obese adults referred to Weight Watchers, a community based provider of weight-loss services, lost more than twice as much weight when compared with those who received standard care, research has revealed.
WeightWatchers 'More Effective'
Overweight and obese adults referred to Weight Watchers, a community based provider of weight-loss services, lost more than twice as much weight when compared with those who received standard care, research has revealed.
16 April 2014
Tesco Announce 6% Full-Year Profit Fall
Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn. The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
Tesco Announce 6% Full-Year Profit Fall
Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn. The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
28 February 2013
RBS Report Over £5bn Pre-Tax Loss
Royal Bank of Scotland (RBS) has reported its fifth annual loss since receiving a government bailout in 2008. The bank blamed a "series of charges" when it reported a pre-tax loss of £5.17bn. It lost £766m, the previous year. Describing 2012 as a "chastening" year, a statement from the bank said that had sought to "put right past mistakes".
RBS Report Over £5bn Pre-Tax Loss
Royal Bank of Scotland (RBS) has reported its fifth annual loss since receiving a government bailout in 2008. The bank blamed a "series of charges" when it reported a pre-tax loss of £5.17bn. It lost £766m, the previous year. Describing 2012 as a "chastening" year, a statement from the bank said that had sought to "put right past mistakes".
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
