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 chief executive Dave Lewis said the supermarket had endured a "very difficult year" as it reported the biggest annual loss in its 96-year-history.
The supermarket's massive losses came after an accounting scandal, a ferocious price war with rivals and a series of profit warnings - all of which followed a major write down on the value of its property portfolio.
"The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years.
"We have faced into this reality, sought to draw a line under the past and begun to rebuild, and already we are beginning to see early encouraging signs from what we’ve done so far."
Despite the heavy losses, Tesco saw a small increase in its UK like-for-like sales for the first time in more than four years during the final quarter.
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.