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Tesco Says Revenue Woes Continued In FY 2015

September 26, 2015: 12:00 AM EST
Tesco reported sales dropped 1.3 percent to £70 billion in fiscal year 2014-2015, compared with the previous year. Trading profit declined 58.1 percent to £1.4 billion mainly due to a drop in like-for-like sales and the accrued costs of operating inefficiencies and the actions taken by the retailer in the second half of the year to stabilize its business. Tesco reported a statutory loss before tax of £6.4 billion, after charging one-off items valued at £7.0 billion. Sales in the UK dropped 1.7 percent, including a 1.8 percent contribution from newly opened stores. Like-for-like sales, including VAT and excluding fuel, decreased 3.6 percent.
"Annual Report and Financial Statements 2015", Tesco , September 26, 2015, © Tesco
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