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Tesco profits fall as supermarket pulls out of US Tesco profits fall as supermarket pulls out of US
(35 minutes later)
Tesco's annual profits have fallen for the first time in almost 20 years, as the UK's biggest supermarket confirmed it was pulling out of the US.Tesco's annual profits have fallen for the first time in almost 20 years, as the UK's biggest supermarket confirmed it was pulling out of the US.
Tesco is closing its US chain of 199 Fresh & Easy shops, which have never made a profit, at a cost of £1.2bn. Tesco is winding up its US chain of 199 Fresh & Easy shops, which have never made a profit, at a cost of £1.2bn.
Including write-downs and one-off costs, Tesco's statutory pre-tax profits tumbled 51% to £1.96bn. The company has also announced a one-off UK property write-down of £804m.
The results come a difficult time, with supermarkets in the UK recovering from the horsemeat scandal. Statutory pre-tax profits were down 51% to £1.96bn, but post-tax profits including the cost of the US exit were just £120m, down 95.7%.
Tesco said sales at UK stores in the last three months, excluding fuel and VAT sales tax, rose 0.5%, a slowdown from growth of 1.8% in the six weeks to 5 January when the company hailed strong Christmas trading.
The world's third-largest supermarket group, which reported a shock profit warning in January last year, has been restructuring under chief executive Philip Clarke.
As well as the US withdrawal, Tesco is exiting Japan and said it would take "a more measured approach to our growth in China".
Mr Clarke said: "The announcements made today are natural consequences of the strategic changes we first began over a year ago and which conclude today. With profound and rapid change in the way consumers live their lives, our objective is to be the best multichannel retailer for customers."