Why did TESCO fail in the USA
Tesco is leaving the United States
Tesco failed to conquer the US market. Now the British are closing their "Fresh & Easy" brand stores. This step depresses the profit of the group.The UK's largest retailer, Tesco, is closing its losing US business as expected for months. The company has decided to withdraw with its "Fresh & Easy" brand from the United States, the group announced on Wednesday when it presented its balance sheet in London.
The resulting value adjustments in the billions as well as depreciation on Tesco real estate and other special effects let the profit collapse. The bottom line was that the net profit in the 2012/13 financial year ended at the end of February fell from 2.8 billion British pounds (around 3.2 billion euros) in the previous year to 120 million pounds.
Realignment in the home marketOperating profit fell 13 percent to £ 3.45 billion. Tesco justified the decline mainly with the expenses for the realignment of its business in the home market. In order to attract more customers to the shops again, the shops were renovated, invested in service and the share of own brands increased. The group turnover improved by 1.4 percent to 64.8 billion pounds.
Tesco is the third largest retail company in the world. Most recently there was talk of the British negotiating with Aldi about the sale of its 220 "Fresh & Easy" stores on the American west coast.
The trade 02/2021
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