Tesco posts record £6.4bn annual loss

Tesco has reported the worst results in its 96 year history with a record statutory pre-tax loss of £6.4bn for the year to the end of February.

The loss is one of the largest ever reported by a British company, and compares with annual pre-tax profit of £2.26bn a year earlier.

The losses were largely down to a fall in the property value of its stores, but the company has also faced changing shopping habits and the rise of no-frills supermarkets.

Kamal Ahmed reports.