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Tesco logs £40 million annual net loss on accounting scandal

International Business
Wed, 12 Apr 2017
AFP


London: Supermarket giant Tesco revealed Wednesday that it fell into an annual net loss of £40 million ($50 million, 47 million euros) 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.