Tesco reports biggest loss in 96 years (£6.4bn)

Supermarket giant Tesco has slumped to a £6.4bn annual loss after taking a massive writedown on the value of its property portfolio.

The bottom-line loss for the 12 months to February 28 caps a disastrous year for the chain following an accounting scandal and a series of profit warnings amid a ferocious price war with rivals.