|KABOOM: Tesco Endures Losses $8.5bn Last Year|
|by Tom McGregor||Wed, Apr 22, 2015, 03:34 AM|
Tesco, a British supermarket chain, scored major losses in revenues for the 2014/15 fiscal year.
According to the Houston Chronicle, "Tesco, one of the world's largest retailers, posted a full-year net loss of 5.7 billion pounds ($8.5 billion) as it wrote down the value of properties to reflect deteriorating market conditions."
Tesco CEO Dave Lewis is quoted as saying that, "reflect a deterioration in the market and, more significantly, an erosion of our competitiveness."
As reported by the Houston Chronicle, "U.K.-based Tesco said Wednesday it took 7 billion pounds of one-time charges in the 12 months through February, including 4.7 billion pounds for the reduced value of stores and other fixed assets. The loss compares with net income of 974 million pounds in the previous year."
Tesco anticipates that global demand will still sour for the fiscal year ahead.
To read the entire article from the Houston Chronicle, link here: