Tesco logs £40m annual net loss on accounting scandal
Published Wed, Apr 12, 2017 · 08:02 AM
[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
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