Tesco expected to reveal worst results in its history

The grocer is predicted to unveil a loss of up to £5bn in its full year results this Wednesday.
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Tesco is expected to reveal its worst results in history with full-year results unveiling a loss of £5bn on Wednesday.

It is predicted that the grocer will report a pre-tax loss of between £4bn and £5bn as it is hit by a potential £3bn writedown in the value of its stores.

The prediction has been made by The City.

Tesco house broker Deutsche Bank also estimates new boss Dave Lewis will have to commit a further £250 million a year to plug a pension scheme ‘black hole.’

The grocer’s interim results in October revealed its pension deficit had surged to £3.4bn after tax and City estimates believe full-year results will show the deficit has now grown to £5bn.

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