Tesco logs £40m annual net loss on accounting scandal

[LONDON] Supermarket giant Tesco revealed Wednesday that it fell into an annual net loss of £40 million (S$70 million) due to a costly accounting scandal at Britain's biggest retailer.

The 2016/2017 after-tax loss, skewed by an exceptional charge of £235 million in costs arising from the scandal, contrasted with a net profit of £138 million in the previous financial year, Tesco said in a statement.

AFP