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Accounting: The scale of the problem

19 June 2015

Accounting: The scale of the problem

Tesco reveals pre-tax losses of £6.4 billion

Many analysts in the City thought Tesco’s accounts would be bad – but not this bad. This spring, the preliminary financial results of the ailing supermarket giant, Tesco, revealed their 2014/15 results were more than just bad – they were of disastrous proportions.

The retail group’s financial statements reveal colossal pre-tax losses of around £6.4 billion, compared with a £2.3 billion profit in 2013/14: one of the largest losses in corporate retail history. One-off items have resulted in...

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