Tesco sees no respite as profit slumps

A Tesco's store is pictured in south London. Tesco's trading profit for the year to February 22 was £3.3bil (US$5.52bil), in line with forecasts but down on a restated figure of £3.52bil posted in 2012-13 - AFP Photo.

LONDON: Britain's biggest retailer Tesco said it saw no let up in sight as it posted a 6% fall in annual profit, its second straight year of decline, piling pressure on Chief Executive Phil Clarke.

The group, the world's No 3 retailer, showed trading had deteriorated throughout the 12 months, with the key figure of sales at its British stores open over a year, excluding fuel and VAT sales tax, down 3% in the fourth quarter, its worst drop in Clarke's three-year tenure.