Tesco: Fresh & Easy Losses on Track

Tesco said its Fresh & Easy Neighborhood Market chain recorded a loss of $135.4 million (U.S.) for the first half that ended Aug. 29, compared with a loss of approximately $95.5 million a year ago, which the company said puts it on track to meet its expectation of losing approximately $259 million on the U.S. operation this year — about the same level as the loss last year.

CHESHUNT, England — Tesco here said its Fresh & Easy Neighborhood Market chain recorded a loss of $135.4 million (U.S.) for the first half that ended Aug. 29, compared with a loss of approximately $95.5 million a year ago, which the company said puts it on track to meet its expectation of losing approximately $259 million on the U.S. operation this year — about the same level as the loss last year.

Sales at the 126 stores rose 115.4% to $267.7 million during the half, compared with estimated sales of $124.2 million for 76 stores a year ago.

The company also said it expects to open approximately one new store per week during the second half of the fiscal year, with a focus on adding locations in established areas rather than expanding into new communities.

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