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TESCO (LSE: TSCO) FY17 Results: Exceptional Costs Lead to Net Loss

Executive Summary

  • Exceptional items led Tesco to report a net loss of £54 million and a loss per share of 0.49 pence in FY17. Exceptional items included a £235 million charge over historical profit misstatements.
  • Revenues of £55.9 billion came in ahead of the consensus estimate.
  • Stripping out exceptional items, operating profit of £1.28 billion exceeded expectations of £1.26 billion.

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