Tesco Posts Strong Profit For FY 2015; Reveals One-Off Losses Due To Decline In Property Value Of UK Stores

Tesco reported £1.4 billion in group trading profit for the year ending February 2015. Statutory pre-tax loss reached £6.4 billion, the retailer's worst ever and the biggest loss suffered by a UK retailer. According to the company, about £4.7 billion of the losses were due to the decline in property value of its stores in the UK, where it plans to shut down 43 of them. Factors affecting the company's revenue performance included “tough trading conditions” in overseas markets and “disappointing performance” in Europe.