Tesco profits fall as supermarket pulls out of US

Tesco has suffered the worst performance in its history, as the company confirmed it was pulling out of the US.

The retailer is pulling the plug on its US chain of 199 Fresh & Easy shops, which have never made a profit, at a cost of £1.2bn.

The UK's biggest supermarket, whose annual profits have fallen for the first time in almost 20 years, has also announced a one-off UK property write-down of £804m.

Emma Simpson reports.