LONDON – Tesco's loss-making Fresh & Easy chain in the United States is "fighting nicely" in a tough market, the chief executive of the British retailer said on Wednesday, underlining his belief that the chain can have a profitable future.
Tesco boss Philip Clarke has this year rejected investor calls to withdraw from the United States, though he told shareholders at their annual meeting in June he would pull the plug on the business if it continued to disappoint.
Speaking at the World Retail Congress (WRC) on Wednesday, Clarke gave the West Coast chain, which trades from nearly 200 stores, a renewed vote of confidence.
"The stores that we have continue to grow nicely and the reason it's worth persisting is that the stores themselves fulfil a particular need for a particular group of customers," he said.
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