Tesco Plc, the U.K.’s largest grocery company, said it will likely leave the U.S. after announcing a review of its Fresh & Easy unit in the country and the departure of the unprofitable business’s head.
Tesco Plc Chief Executive Officer Philip Clarke, who took direct control of the grocer’s domestic business three months ago, has until the end of the year to convince some investors he can return the U.K. to growth after four quarters of declining sales.
J Sainsbury Plc, the U.K.’s third- largest supermarket company, said first-half profit rose 6.6 percent as it won customers with promotions offering money off fuel prices and made savings on transportation and energy.
William Morrison Supermarkets Plc , the smallest of the U.K.’s four main grocers, said first-half profit rose as discounts brought in more customers and the retailer saved money on distribution and purchasing.
Tesco Plc Chief Executive Officer- designate Philip Clarke said China will become profitable for the retailer during his tenure as the company invests 2 billion pounds ($3.1 billion) into developing shopping malls.