Tesco reports record loss of £6.3bn

THE country's largest supermarket retailer Tesco has reported one of the worst-ever losses by a British company as it posted an annual deficit of £6.37bn.

New chief executive Dave Lewis, whose first task was to close or mothball dozens of planned stores, described  it as a "very difficult year".

He said the results, which include a £4.7bn fixed asset impairment including the fall in value of its land bank, were an attempt to "draw a line under the past" and begin to rebuild.

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