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APR 17, 2013 - The Guardian

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Tesco boss hails end of 'space race' as profits crash

Chief executive Philip Clarke takes the knife to Tesco's UK store expansion plans and confirms costly exit from USTesco boss Phil Clarke has put the brakes on the group's UK expansion as he revealed a plunge of more than 50% in the grocer's annual profits and brought the curtain down on its US Fresh & Easy chain in a move which will cost the retailer £1.2bn.The huge fall in profits – largely as a result of £2.4bn in one-off charges at home and abroad – was the first decline at the UK's biggest supermarket chain for more than two decades. But even without the one-offs underlying profit was ... Read More

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