Tesco says 2012 profit slumps 95%, confirms US exit

LONDON (AFP) - British supermarket giant Tesco announced on Wednesday that its annual net profits slumped 95 per cent, and confirmed its costly exit from the United States market.

Earnings after taxation tumbled to £124 million (S$234 million) 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.