Tesco reviewing slow-growing US operation - FOX 10 News | fox10phoenix.com

Tesco reviewing slow-growing US operation


LONDON (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% 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% in the quarter.

Fresh & Easy operates 200 stores in California, Arizona and Nevada.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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