Tesco shares slump on £1bn US write-off

Tesco has reported its first decline in annual profits for two decades after taking a £1bn hit from exiting the US market.

Tesco reported an underlying pre-tax profit of £3.5bn in the year to February 23rd 2013, a 10.7% fall from the £3.92bn the previous year. The retailer confrimed it will write down its Fresh & Easy business, based in the US, which has weighed in on the firm's annual profits. It also reported a 14.5% fall in underlying full-year profit, which comes as CEO Philip Clarke aims to refocus the chain's UK business. Last April Clarke set aside £1bn to improve the firm's UK arm, focusing predominantly on refurbished stores and more staff. Tesco's share price slipped into the red after pos...