Philip Clarke News
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Tesco Plc, the U.K.’s largest retailer, said it will exit the U.S. and scale back domestic expansion at a cost of about 2 billion pounds ($3 billion) as it reported the first annual profit drop in almost 20 years.
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Tesco Plc’s exit from its unprofitable Fresh & Easy U.S. business may cost the U.K.’s largest grocer about 250 million pounds ($382 million) in cash, Shore Capital estimates.
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Tesco Plc, the U.K.’s largest grocer, will complete the introduction of Internet shopping to all its international markets when it starts up in Turkey early next year, according to the executive overseeing the plan.
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Tesco Plc, the U.K.’s largest grocer, will invest $750 million this year to accelerate the roll-out of digital services and plans to vie with Amazon.com Inc. and Netflix Inc. for U.K. customers, Chief Executive Officer Philip Clarke said.
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Tesco Plc Chief Executive Officer Philip Clarke said the biggest U.K. grocer will absorb the cost of testing products for horse meat and pledged to sell more British meat.
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Tesco Plc, the U.K.’s largest supermarket chain, said it’s examining “all aspects” of its supply chain after horse meat was discovered in some products labeled as beef, while a survey of British shoppers showed demand probably will increase for locally sourced food.
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Philip Clarke spent the last seven years helping Tesco Plc expand across the globe. When he succeeds Terry Leahy as chief executive officer next week, his first task is to take back Britain.
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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.
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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.
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Tesco Plc has moved the U.K. director of its F&F clothing chain to a new role as the largest British retailer merges the central European and domestic parts of the brand, according to two people familiar with the matter.
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