Supermarket giant Tesco has reported a bottom-line loss of £6.38 billion for the year to February 28, the biggest annual loss in its history.
Chief executive Dave Lewis - who has instigated a turnaround plan at the supermarket since taking over in August - said Tesco had endured a "very difficult year" but was seeking to "draw a line under the past".
Tesco remains a "very strong business" and is doing the "right things" in working towards a recovery despite today's announcement of massive losses, an independent analyst has told ITV News.
Richard Perks, head of retail research at Mintel, pointed to recent positive signs, such as an increase in like-for-like sales in the final quarter, as a sign that new chief executive Dave Lewis was already turning the supermarket's fortunes around.
"I think they have acted impressively, really, to bring people back into those stores and shopping again," he said.
Dave Lewis, the man tasked with turning Tesco's fortunes around, says the company can still succeed despite the growth of budget rivals.
Tesco has suffered one of the biggest losses in British corporate history. With profits paper thin, turning things around will be tough.
The loss by Britain's biggest supermarket could be one of the largest ever reported by a UK firm.