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Tesco Fresh & Easy

Tesco aims to be "the best multichannel retailer for customers" as it looks to offload Fresh & Easy and exit its operations in the US

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By Stephen Lepitak, -

April 17, 2013 | 2 min read

Announcing it's annual finances, including a group trading profit of £3,453m, a decline of 13 per cent on last year, supermarket chain Tesco has confirmed its plans to exit the US following a strategic review of Fresh & Easy.

As a result of this decision, the company expects a pre-tax loss of £1.2bn, including trading losses of £162m.

Discussing the results, Philip Clarke, chief executive of Tesco, commented: "The announcements made today are natural consequences of the strategic changes we first began over a year ago and which conclude today. With profound and rapid change in the way consumers live their lives, our objective is to be the best multichannel retailer for customers.

"Our plan to 'Build a Better Tesco' is on track and I am pleased with the real progress in the UK. We have already made substantial improvements to our customers' shopping experience, which are starting to be reflected in a better performance.

"We have set the business on the right track to deliver realistic, sustainable and attractive returns and long-term growth for shareholders. The consequences are non-cash write-offs relating to the United States, from which we today confirm our decision to exit, and for UK property investments which we will not pursue because of our fundamentally different approach to space."

He added that the company was now focusing on "disciplined and targeted" investment into Europe and Korea.

Tesco Fresh & Easy

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