Tesco has reported a record pre-tax loss of £6.4bn for the year to the end of February - the biggest in its 96-year history and the worst ever recorded by a British retailer. The heavy loss compares to pre-tax profits of £2.3bn for the same period last year and is largely due to a £4.7bn reduction in the value of its property holdings, as part of a one-off charge of £7bn. Annual group trading profit fell by almost 60% to £1.4bn, which Tesco says is in line with expectations. Chief executive Dave Lewis said: "It has been a very difficult year for Tesco. The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years."
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