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 boss Dave Lewis says the supermarket's trading profit could fall further in the coming year as it makes further investments to turn around its fortunes.
The £1.4 billion trading profit was more than halved in 2014/15 after what Lewis described as a "very difficult year", and Lewis said maintaining even that level of profit was not "without its challenges".
Prior to today's update, analysts said they expected Tesco to post a trading profit of around £1.48 billion in 2015/16.
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.