Last updated: February 19. 2013 8:39PM - 89 Views

Story Tools:

Font Size:

Social Media:

(AP) Tesco, Britain's biggest retailer, is reviewing options for its slow-growing U.S. venture, Fresh & Easy.

The company also announced Wednesday that the chief executive of Fresh & Easy, Tim Mason, is leaving.

Chief Executive Philip Clarke said Fresh & Easy's journey to scale and acceptable returns will take too long relative to other opportunities. The unit's like-for-like sales, which do not include new stores and space, grew less than 2 percent in the third quarter.

Clarke has been concentrating on Tesco's U.K. base, where its dominant market share has recently slipped a bit. Like-for-like sales in the home market, excluding petrol, were down 0.7 percent in the quarter.

Tesco shares rose 4 percent to 339.75 pence as trading opened in London.

Associated Press
comments powered by Disqus

Featured Businesses


Info Minute

Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com