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Tesco Records £6.4 Billion Annual Loss Details

Tesco Records £6.4 Billion Annual Loss Details : Hey friends!!! Today here in this awesome article we and our team provides you complete details of “Tesco Loss”. But before that lets know something about Tesco company. Tesco PLC is a British multinational grocery and general merchandise retailer headquartered in Cheshunt, Hertfordshire, England, United Kingdom It is the third largest retailer in the world measured by profits and second-largest retailer in the world measured by revenues. It has stores in 12 countries across Asia and Europe and is the grocery market leader in the UK (where it has a market share of around 30%), the Republic of Ireland, Hungary, Malaysia, and Thailand. Source : wikipedia. Now below get complete details of Tesco £6.4 Billion Annual Loss.

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Tesco Records £6.4 Billion Annual Loss Details

Tesco has reported the worst results in its history with a record statutory pre-tax loss of £6.4bn for the year to the end of February.

That compares with annual pre-tax profit of £2.26bn a year earlier.

It is the biggest loss suffered by a UK retailer and one of the largest in the country’s corporate history.

Around £4.7bn of the losses were the result of the fall in property value of its UK stores, 43 of which it said would close earlier this month.

The decline in the value of its property portfolio comes as a direct result of falling footfall in many of its out of town superstores.

Tesco’s chief executive Dave Lewis admitted it had been “a very difficult year for Tesco”.

Biggest losses in UK corporate history

  1. Royal Bank of Scotland reported annual losses of £24.1bn in 2008
  2. Vodafone reported an annual net loss of £21.8bn in 2006
  3. Vodafone also reported a £13.5bn pre-tax loss in 2002.
  4. Lloyds Banking Group reported a loss of £8.5bn in 2009 after its 2008 purchase of Halifax Bank of Scotland
  5. Cable & Wireless announced losses of £6.5bn in 2003
  6. Tesco reported losses of £6.4bn in 2015

 

The company said the performance of its European stores disappointed as a result of “strong competition from discount retailers” which held back its sales performance, particularly in Ireland which saw a like-for-like sales fall 6.3% in the year.

In Asia, Tesco said trading profit was £565m, once currency fluctuations were stripped out, 15.3% lower than a year earlier a result of sales falling in South Korea, Thailand, and Malaysia.

Tesco said it had also agreed a plan with the trustees of its pension scheme to pay £270m a year to help mend its £3.89bn pension deficit.

And it said it has started a consultation with staff to replace the current final salary pension scheme with a cheaper contribution-based pension scheme.

Source : bbc.com

 

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