Tesco has branded claims that its Fresh & Easy stores in the US have fallen short of expectations as “scaremongering”.
Go deeper with GlobalData
The grocery giant told just-food today (27 February) that its US expansion plans are on track.
According to the Financial Times, Mike Dennis, an analyst at US broker Piper Jaffray, said the 50 Fresh & Easy stores opened around Los Angeles, Phoenix and Las Vegas were averaging sales of US$170,000 a week, against initial planned sales of US$200,000.
Dennis commented that the slow start would hit the company’s long-term earnings projections.
“As far as we are concerned, the reports simply seems to be about a lot of scaremongering,” a spokesperson for Tesco said. “It is ridiculous to make a judgement like that before full-year figures are released.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTesco said it was confident that customer numbers and sales are continuing to grow and claimed the stores continued to generate a lot of excitement among consumers, particularly in the poorer counties.
