Tesco plunges to record £6.4bn loss as writedowns bite

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Tesco has reported a worse than expected full-year loss of £6.4bn, after £7bn in one-off charges arising from a "very difficult" 2014 dragged it into the red.

In its results for the year to end-February, the UK's largest retailer said the £7bn in one-off impairments included a £4.7bn fixed asset charge, as the group wrote down the value of its property portfolio. The total loss of £6.4bn compares with analyst expectations of a £3bn-£5bn figure, and is one of the largest corporate losses in UK history. Group trading profit, at £1.4bn, was in line with the updated guidance given by Tesco in December, but displays the impact of discounter rivals: the figure is down from £3.3bn a year previous. Tesco shares, however, rose 2% in early trading...

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