Tesco's full-year results this week showed the supermarket chain slumping, with pre-tax losses of £6.4bn. These were the worst results in the company's 96-year history, and the worst ever recorded by a British retailer. One-off write-downs on the value of property accounted for around £4.7bn of this figure.
Tesco has lost millions of pounds of business to fast-growing discount retailers such as Aldi and Lidl. Like-for-like sales (excluding fuel) fell by 3.6%. Overall, trading profits fell by 58%to £1.39bn.
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