HUGE LOSS BY TESCO

CRISIS stricken UK supermarket group Tesco has reported a record loss for its 2014/15 financial year to the end of February of over $NZ12 billion. This followed the problem last year when accounting errors  overstated profits by around $NZ500 million. The Tesco group is the world’s third largest supermarket chain. It reported a deterioration in the market and more significantly an erosion of its competitiveness. It also took a huge writedown on the value on the value of its properties.