Tesco Will Leave US If It Fails To Make Profit

Philip Clarke, the chief executive of Tesco, has signalled that the company will abandon its American supermarket venture if it cannot make it work.

Mr Clarke’s comments were made at a testy annual meeting in Cardiff, where shareholders repeatedly questioned the Tesco boss about the supermarket group’s declining fortunes.

Fresh & Easy, Tesco’s grocery chain on the west coast of America, has yet to make a profit despite an improvement in sales following a major revamp of the business.

Last year it racked up losses of £153m, after losing £186m in the previous year.

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