Tesco Posts Annual Net Loss

Tesco PLC (ADR) TSCDY reported a net loss for the year to February 28. Tesco posted a pretax loss of GBP6.38 billion for the full year, compared to a year-ago profit of GBP2.26 billion. Tesco recorded charges of GBP7 billion. Tesco posted a net loss of GBP5.77 billion, versus a year-ago profit of GBP970 million. The company's trading profit slipped to GBP1.4 billion, compared to GBP3.3 billion, in the year-ago period. Its adjusted EPS declined to 9.42 pence from 32.05 pence. Its revenue, excluding VAT, dropped to GBP63 billion, versus GBP63.56 billion. The company's revenue in Asia dropped 4.1 percent, while revenue in Europe slipped 8.5 percent. Revenue in the U.K. declined 1.8 percent. Tesco's chief executive Dave Lewis said, "It has been a very difficult year for Tesco. The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years." Tesco shares fell 0.19 percent to close at $10.48 yesterday.