Supermarket chain Tesco, has posted a spectacular annual loss of 9.3 billion euros, one of the biggest in British corporate history.
The retailer, which has dominated the sector for decades, has also warned of more pain to come as it’s struggling to compete in a price war sparked by a string of discount stores like Aldi and Lidl.
“To say that Tesco had a nightmare year would be an understatement,” said Shore Capital analyst Clive Black.
After years of uninterrupted growth, Tesco lost its way when it became embroiled in expensive overseas expansion. It also failed to spot the popularity of local, small superstores which took shoppers away from its huge out-of-town sites.