Arab Today, arab today supermarket tesco ready to exit us
Last Updated : GMT 03:01:48
Arab Today, arab today
Arab Today, arab today

Supermarket Tesco ready to exit US

Arab Today, arab today

Arab Today, arab today Supermarket Tesco ready to exit US

London - AFP

Britain\'s biggest retailer, supermarket Tesco, looked on course to withdraw from its struggling US business Fresh & Easy as chief executive Philip Clarke on Wednesday said its presence would likely end. \"It\'s likely, but not certain, that our presence in America will come to an end,\" Clarke told reporters, as Tesco said it was launching a strategic review of Fresh & Easy, which may lead to a sale of the business. Tesco added in a statement that Fresh & Easy chief executive Tim Mason was leaving the company with immediate effect after 30 years with the British group. \"Whilst the (US) business has many positives, its journey to scale and acceptable returns will take too long relative to other opportunities,\" Clarke said in the statement. \"I have therefore decided to conduct a strategic review of Fresh & Easy, with all options under consideration.\" Tesco, the world\'s third-biggest retailer, said it had received \"a number of approaches\" from parties interested in acquiring some or all of Fresh & Easy, or in partnering the company to develop the US business. Clarke added: \"Tim Mason, who leaves Tesco today, has played an important part in our success over a 30-year career with the company, and he leaves with my thanks and good wishes.\" Launched in 2007 by former Tesco chief executive Terry Leahy, Fresh & Easy has failed to turn a profit despite investment of about £1.0 billion ($1.6 billion, 1.2 billion euros). Tesco said on Wednesday that Fresh & Easy\'s sales performance fell below 2.0 percent during the British company\'s third quarter. It added that revenues from its stores in Britain open more than a year, and excluding income from value added tax and petrol sales, fell 0.6 percent in the three months to November 24. Tesco has struggled in the face of Britain\'s recent recession, with many cash-strapped customers flocking to rival supermarkets such as Asda, Sainsbury\'s and budget chains Aldi and Lidl in search of cheaper products. Abroad meanwhile, Tesco earlier this year struck a deal to exit its Japanese business after nine years. Tesco shares rose 2.56 percent to stand at 335 pence following Wednesday\'s announcements and in morning deals on London\'s benchmark FTSE 100 index, which was up 0.24 percent at 5,883.10 points. \"The move to review its US operations is a big win for shareholders, who have been largely disappointed by the retailer\'s inability to turn the business around quickly enough from loss making,\" said Joshua Raymond, analyst at City Index trading group. Tesco is the world\'s third-largest retailer after leader US-based Wal-Mart and France\'s Carrefour. -- with Dow Jones Newswires --

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today supermarket tesco ready to exit us Arab Today, arab today supermarket tesco ready to exit us

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday