TESCO has reported losses of more than £6 billion – the biggest financial losses in its 96 year history.
In its preliminary figures announced today, the company revealed the figures from what has been a “difficult year” in its operations in both Britain and Ireland.
The figure is also the fifth largest annual loss by a firm in British history.
Having recently been taken over by Super Valu as Ireland’s top supermarket, Tesco notched up statutory pre-tax loss of £6.38 billion (€8.9 billion) in the year ending February 28.
Speaking of the news, Tesco Chief Executive Dave Lewis said: “It has been a very difficult year for Tesco. The market is still challenging and we are not expecting any let up in the months ahead.”
Despite the losses, the supermarket giant opened five stores in Ireland last year – though closing two – bringing the total number of stores in the Republic to 149.
“We have seen strong competition from discount retailers and this held back our sales performance, particularly in Ireland which saw a like-for-like sales decline of (6.3) per cent,” Tesco said, though new store sales were up by 1.4 per cent.
The company now plans to focus on rebuilding trust in the company, as well as protecting the balance sheets, as they move forward.
