Tesco boss hails end of ‘space race’ as profits crash

Chief executive Philip Clarke takes the knife to Tesco’s UK store expansion plans and confirms costly exit from USTesco boss Phil Clarke has put the brakes on the group’s UK expansion as he revealed a plunge of more than 50% in the grocer’s annual profits and brought the curtain down on its US Fresh & […]
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Tesco profits down as it takes £1bn hit to quit US

Supermarket group’s profits fall for first time in 20 years on Fresh & Easy exit and £800m UK property writedownTesco, Britain’s biggest retailer, confirmed it will exit its loss-making business in the US, taking a £1bn writeoff that knocked its full-year profit down for the first time in two decades.The group also wrote down the […]
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Tesco expected to scrap struggling US grocery chain Fresh & Easy

British supermarket giant sinks £1bn into American venture but fails to compete with Aldi-owned Trader Joe’sMore than five years ago, Tesco planted its flag firmly on US shores by launching the Fresh & Easy chain. Next week, Britain’s largest supermarket owner is set to confirm that it is abandoning the venture, having sunk £1bn into […]
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Tesco signals retreat from its US chain Fresh & Easy

Supermarket group to announce ‘strategic review’ of its loss-making chain after pouring in £1bn to take on Wal-MartTesco will on Wednesday signal an embarrassing retreat from the US after pouring £1bn into a bid to take on the mighty Wal-Mart in its own backyard.The UK’s biggest retailer will announce it is launching a “strategic review” […]
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Tesco UK sales fall for more than a year

Money-off coupons and a blitz on customer service failed to win back Tesco shoppersTesco has reported another quarter of falling sales in the UK after money-off coupons and a blitz on customer service failed to win back disgruntled shoppers.Like-for-like sales, excluding petrol and VAT, declined 1.5% in the 13 weeks to 26  May, which analysts […]
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Tesco still searching for magic formula to make America pay

Twelve more Fresh & Easy stores to close as British parent company is accused of failing to understand the US marketWhen Tesco was planning its foray into the US grocery market five years ago, the unlovely box of a building it took over in Hemet, in the far eastern suburbs of Los Angeles near the […]
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