Tesco stocks down on profits fall

<p>Profits are Tesco fell in the last quarter of 2012.</p>

Supermarket chain Tesco has announced its profits fell for the first time in almost 20 years in the final quarter of 2012.

Statutory pre-tax profits were down 51 per cent to £1.96 billion, it was revealed by the company, which added it is pulling out of the US market.

A one-off UK property write-down of £804 million was announced by the firm too, as well as leaving the Japanese market and taking "a more measured approach to our growth in China".

Chief executive Philip Clarke stated Tesco – which saw online sales rise by 2.8 per cent to £2.3 billion – is still aiming to be the "best multichannel retailer for customers".

Tesco's share price was down early this morning (April 17th) on the back of the news that its profits dropped between October and December last year.

At 08:13 BST, its stocks were trading at 373.65, which is a fall of more than 11 points, or almost three per cent, on the start of the day.

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