Tesco ponders sale of US operation

Tesco ponders sale of US operation

Tesco signalled an embarrassing retreat from the US today and admitted a key part of its performance in the UK was still not good enough.

The supermarket giant, which recently reported its first drop in profits in 20 years, confirmed it was launching a review of its US operation Fresh & Easy that could see the chain sold off.

Tim Mason, who ran the US business and has been with Tesco for 30 years, will leave the company.

In the UK, Tesco said its sales fell back into the red in its third quarter after a poor non-food performance held back improvements in its grocery arm.

Chief executive Philip Clarke admitted the non-food performance was "not good enough" as the group reported a 0.6% fall in like-for-like UK sales excluding VAT and fuel in the 13 weeks to November 24.

More in this Section

Coronavirus: Global oil demand to fall first time in a decadeCoronavirus: Global oil demand to fall first time in a decade

Four Star Pizza raises dough for UK expansionFour Star Pizza raises dough for UK expansion

Five Guys records €1.1m lossesFive Guys records €1.1m losses

More weedkiller lawsuits but this time it’s not RoundupMore weedkiller lawsuits but this time it’s not Roundup


Lifestyle

Des O'Sullivan takes a look at Bill Wyman's Rolling Stones memorabiliaRolling Stones memorabilia going under the hammer

All ages can suffer from spots across their back but thankfully, there are many things we can do about them, says Jennifer RockThe Skin Nerd: back to basics to treat the pesky plague of ‘bacne’

Roz Crowley tests eight coffees ahead of Fairtrade FortnightEight of the best fairtrade coffees to try

Steel Panther give metal fans the chance to let their hair down and laugh at themselves, and the Cork audience is in party mood.Live review: Steel Panther at Cyprus Avenue

More From The Irish Examiner