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Tesco says 2012 profit slumps 95%, confirms US exit

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(Globalpost/GlobalPost)

British supermarket giant Tesco announced on Wednesday that its annual net profits slumped 95 percent, and confirmed its costly exit from the United States market.

Earnings after taxation tumbled to £124 million ($190 million, 145 million euros) in its 2012/2013 financial year, compared with £2.806 billion last time around, Tesco said in a results statement.

Profits nosedived as Tesco took a £1.2-billion hit from its struggling US division Fresh & Easy, and also booked a £804-million writedown on the value of its property portfolio in Britain.

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http://www.globalpost.com/dispatch/news/afp/130417/tesco-says-2012-profit-slumps-95-confirms-us-exit