LONDON — A British equity analyst is taking Tesco to task for apparently reneging on a promise to break out separate results for its U.S.-based Fresh & Easy business when it reports its annual financial results on April 15. According to a report in the Financial Times of London, James Anstead, of Citigroup, said, "This situation is rather disappointing. Given that this is a 180- degree turn from what Tesco had previously suggested, it would not be surprising for cynics to use this as evidence that management is disappointed by early results." Tesco responded, the Financial Times reported, by saying, "We have said we will update investors on progress in the U.S., but we have made no firm decisions on what form this update will take. Our aim is to be as helpful as possible whilst also bearing in mind that the Fresh & Easy business has only been trading for five months." Fresh & Easy said last week it plans to halt any new store openings for three months "to kick the tires, smooth out any wrinkles and make some improvements that customers have asked for."
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