Tesco has defended the performance of its Fresh & Easy chain in the US, after analysts suggested that it had failed to meet sales targets by 70%.
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A report from broker Piper Jaffray said Tesco had hoped to bring in sales of US$100m over the past six months, but had only achieved sales of $30m in that period.
However, a spokesperson for Tesco insisted that the company’s US plans are on-track. The spokesperson told just-food that there was little to this speculation as the group was yet to release its sales figures.
Piper Jaffray analysts had voiced their scepticism about the Fresh & Easy concept in February. However, their criticisms were silenced by a set of strong results and a swathe of new store openings that followed.
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