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Tesco Announced A Record Loss Of £6.4 Billion So Obviously People Are Making Jokes

The results are the worst in the company's 96-year history.

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Supermarket giant Tesco has today announced a loss of £6.4 billion, one of the largest in UK corporate history.

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Around £4.7 billion of the loss was a result of a decrease in the property value of its stores, the BBC reported.

Tesco chief executive Dave Lewis said the results, for the year to the end of February, reflected “challenging industry conditions”.

He added that the company was now seeking to “draw a line under the past and rebuild”.

Earlier this year, Tesco announced the closure of 43 of its stores.

The supermarket chain revealed on Wednesday that its trading profit was £1.4 billion, down significantly from the previous year's £3.3 billion.

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Like-for-like sales, excluding fuel, were also down 3.6%.

In a statement, Tesco also highlighted the tough trading conditions it had experienced overseas and described its performance in Europe as "disappointing".

The results come as Tesco continues to be investigated by the Serious Fraud Office after half-year profit forecasts were overstated.

The news of Tesco's loss appeared to catch one BBC editor off guard.

Excellent reporting by the BBC news app on Tesco's losses this morning... X-rated losses, perhaps?

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And obviously, there were a lot of jokes being made on Twitter.

I think #Tesco have just made #Greece feel good about themselves for the first time in years.

Bought a melon in #Tesco last year and scanned it through the self-service checkout as a banana so I can't help but feel partly responsible.

I guess #Tesco will now understand what it is like to run a home on a tight budget

Someone at #Tesco really needs to sit on the naughty step and think about what they've done.

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Ahh such a shame about #tesco naahhttt!

And one joke was made over and over again.

So, for the record, Every Little - doesn’t help… #Tesco

£6.38 billion. Wow. #everylittlehelps is possibly the most ironic slogan ever 😂😂😂 #Tesco

Tesco's £6.37bn loss in numbers: that's 53,109,888 cases of Tesco finest champagne, or enough to fill 96 Olympic swimming pools

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Tesco's loss is also equivalent to 33.5 billion tins of carrots.

We're talking #Tesco's £6.4 billion annual loss, that's enough to buy this private island near Thailand 58,000 times!

That #Tesco loss in perspective: £202 per second. Impressive.

And some people knew exactly what had gone wrong.

I attribute all of Tesco's £6bn loss to how amazing the bakery section is in Cardiff Lidl #Tesco

Richard James is acting head of news for BuzzFeed Australia and is based in Sydney.

Contact Richard James at richard.james@buzzfeed.com.

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