Tesco Reports Weaker Sales, Falling Profits In 2015

UK retailer Tesco reported sales declined 1.3 percent to £70 billion in fiscal year 2014‒2015, compared with the previous year on a 52-week basis at constant currency. Also, trading profit dropped 58.1 percent to £1.4 billion, due mainly to a fall in the company's like-for-like sales, costs of inefficiencies in operations, and actions taken in the second half of the year to stabilize its business. After charging one-off items of £7.0 billion, the company reported a statutory loss before tax of £6.4 billion.