Tesco's retort

Tesco's profits were stronger than expected, and U.S. sales outstripped expectations, says this report about the retailer's latest financial report. From The Independent:


Tesco also controversially targeted the US last year with the launch of its first Fresh & Easy store in November. Critics were predicting it would become the latest international retailer to fail in an assault on the US, yet yesterday the group was bullish over the performance of the now 60-strong chain. It shrugged off rumours of widespread underperformance, saying Fresh & Easy had beaten budget expectations. The group did admit that the trading losses were £62m, which would rise this year to £100m before falling as the stores mature.
Sir Terry said: "It is now 167 days since opening our first Fresh & Easy store. So we are only a few weeks into a project that will last a generation. I'm encouraged by what I see. The performance will be much better than we expected." The group hopes to open 150 new stores in the US this year and believes the business will break even in its second full financial year.