Tesco profits fall after failed US venture

Over £2bn writedown.

New Statesman

From the FT:

Tesco’s full-year pre-tax profit more than halved – the worst performance in the company’s history – after more than £2bn of writedowns following its decision to exit the US and its UK-driven profit warning last year.

Britain’s biggest retailer by sales said it had taken a £1bn charge for quitting its failed US venture Fresh & Easy. It also took an £804m property writedown in the UK for projects it will no longer pursue because of its decision to call time on the so-called supermarket “space race”. It also took a £495m writedown in central Europe and a further £115m provision for the mis-selling of payment protection insurance.