Tesco reports $8.5 billion loss as it seeks turnaround

April 22, 2015 9:27 AM

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Tesco, one of the world's largest retailers, posted a full-year net loss of 5.7 billion pounds ($8.5 billion) as it wrote down the value of properties to reflect deteriorating market conditions.

U.K.-based Tesco said Wednesday it took 7 billion pounds of one-time charges in the 12 months through February, including 4.7 billion pounds for the reduced value of stores and other fixed assets. The loss compares with net income of 974 million pounds in the previous year.

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