(MENAFN) British group Tesco announced logging annual loss of USD9.5 billion, warning investors that there could be more losses to come, The Peninsula Qatar reported.
The 96-year-old group, which dominates the British retail landscape for decades, wrote down the value of its business by USD7.5 billion, suffering in an industry price war with rivals Aldi and Lidl.
Tesco reported around 60 percent drop in trading profit and said there's a chance to suffer further to hit even that level this year as it set out the work needed to recover from a damaging accounting scandal.
"We sought to draw a line under the past and rebuild from here," said a former Unilever executive who has impressed investors with his decisive action since replacing sacked Tesco CEO in September.
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