Record loss for Tesco of €9bn
The 96-year-old group, which dominated the British retail landscape for decades, wrote down the value of its business by £7bn, suffering in an industry price war sparked by the challenge from German discount chains Aldi and Lidl.
It reported a near 60% drop in 2014/15 [to the end of February] trading profit and said it may struggle to hit even that level this year as it set out the work needed to claw back market share lost to fierce competition and recover from a damaging accounting scandal.
