Supermarket giant Tesco has recently announced a loss of £6.4 billion, one of the largest in UK corporate history.
Around 4.7 billion pounds of the loss was a result of a decrease in the property value of its stores, the BBC reported.
Tesco chief executive Dave Lewis said the results, for the year to the end of February, reflected “challenging industry conditions”.
He added that the company was now seeking to “draw a line under the past and rebuild”.
Earlier this year, Tesco announced the closure of 43 of its stores.
Like-for-like sales, excluding fuel, were also down 3.6%.
In a statement, Tesco also highlighted the tough trading conditions it had experienced overseas and described its performance in Europe as “disappointing”.
The results come as Tesco continues to be investigated by the Serious Fraud Office after half-year profit forecasts were overstated.
Excellent reporting by the BBC news app on Tesco’s losses this morning… X-rated losses, perhaps? Read more…