By Peter Evans
LONDON--Tesco PLC on Wednesday posted its second consecutive
fall in full-year profit as the U.K. retailing giant continued to
struggle at home and abroad.
For the year to Feb. 22, Tesco's trading profit--which excludes
property gains or losses--fell to GBP3.31 billion ($5.54 billion)
from GBP3.45 billion a year earlier, on sales that were largely
flat at GBP70.89 billion.
"Our results today reflect the challenges we face in a trading
environment which is changing more rapidly than ever before," said
Chief Executive Philip Clarke.
The British supermarket chain's market share and stock price are
languishing at near-decade lows.
Tesco's tough times reflect a wider shift in the U.K. grocery
sector, brought on by the rise of international discount chains
Aldi Stores Ltd. and Lidl UK GmbH. They are forcing Tesco and the
country's other big supermarket chains to reduce prices in a fight
to retain customers.
Write to Peter Evans at peter.evans@wsj.com
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