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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