Tesco Posts Lower Profit

Tesco PLC TSCDY reported a drop in its earnings in the 2013 fiscal year. Tesco's net profit for the period declined to 124 million pounds ($190 million), versus GBP2.81 billion last year. Its total revenue from continuing operations, excluding value added tax, rose to GBP64.83 billion, from GBP63.92 billion. Tesco shares closed at $17.83 yesterday.