Tesco's annual profits have fallen for the first time in almost 20 years, as the UK's biggest supermarket confirmed it was pulling out of the US.
Tesco is winding up its US chain of 199 Fresh & Easy shops, which have never made a profit, at a cost of £1.2bn.
The company has also announced a one-off UK property write-down of £804m.
Statutory pre-tax profits were down 51% to £1.96bn, but post-tax profits including the cost of the US exit were just £120m, down 95.7%.
Tesco said sales at UK stores in the past three months, excluding fuel and VAT sales tax, rose 0.5%, a slowdown from growth of 1.8% in the six weeks to 5 January when the company hailed strong Christmas trading.
The world's third-largest supermarket group, which reported a shock profit warning in January last year, has been restructuring under chief executive Philip Clarke.
As well as the US withdrawal, Tesco is exiting Japan and said it would take "a more measured approach to our growth in China".
End QuoteIn the UK its huge market share now makes it look less like an unstoppable juggernaut and more like a massive tanker that's hard to manoeuvre quickly or easily."
Mr Clarke said: "The announcements made today are natural consequences of the strategic changes we first began over a year ago and which conclude today. With profound and rapid change in the way consumers live their lives, our objective is to be the best multichannel retailer for customers."
The write-down in the UK property portfolio comes after a review in which Tesco identified more than 100 sites, bought mainly during the property boom more than five years ago, which the company no longer plans to develop.
For the year, total UK sales rose 1.8% to just over £48bn, with UK trading profit falling by 8.3% to £2.27bn.
Tesco said its online grocery division "has had another strong year", with sales growing ahead of the market, by 12.8% to £2.3bn.
The company last reported a fall in annual profits in 1994, since when it has grown into the dominant force on the High Street.
Mr Clarke told the BBC that Tesco's profits had been hit because of the amount of money the company is investing in improving its operations.
Tesco had hired thousands of staff in the UK and re-vamped stores, he said. "We feel Tesco in the UK can be better for customers. That's what they want and that's what we're beginning to deliver."
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