Tesco Reports Record Loss as Spiraling Debt Adds to Strain

April 22, 2015 9:46 AM

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Tesco Reports Record Loss as Spiraling Debt Adds to Strain

Tesco Plc reported the biggest annual loss in its 96-year history after writing down property values and taking steps to reduce its pension-fund deficit as it seeks to ease increasing financial strains.

The net loss was 5.74 billion pounds ($8.6 billion) in the 53 weeks ended Feb. 28, Britain’s largest supermarket company said in a statement Wednesday, seeking to put behind it a year that’s included an accounting scandal, management upheaval and slumping sales both at home and internationally.

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