Tesco predicts 'challenging' and 'volatile' period ahead

Tesco has said it "sincerely regrets" the accounting error which overstated profits by £263m and is forecasting volatile times ahead for the firm.

In its annual results to the year-end February, which were published in full today, the firm reported a loss of £6.4bn after being hit with issues such as a £263m accounting error and change in management. The figure was larger than analysts' expectations which had forecast a loss of £3bn-£5bn. The group said it "sincerely regrets" the accounting error which led to a £263m overstatement on its 2013/14 accounts.  "The Board sincerely regrets what has happened but moved swiftly and decisively to address these serious matters. "The Deloitte report confirmed that amounts had been pulle...