British retailer Tesco reports $8.5 billion loss as it writes down value of properties
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.
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.
CEO Dave Lewis says the results "reflect a deterioration in the market and, more significantly, an erosion of our competitiveness."
Tesco has "sought to draw a line under the past and begun to rebuild."
Analyst Paul Thomas of Retail Remedy says "Lewis can only hope that Tesco's night is darkest just before dawn."