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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)
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