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Tesco Scaling Back On U.S. Investments

Tesco plans to tighten up capital investment in the U.S. during the second half, with only a handful of new stores planned for the balance of the fiscal year. The company said it expects to operate “just over 200” stores by the end of its fiscal year next February, rather than the 230 it projected at the beginning of the year. The company said 55 of its U.S. stores were “delivering a positive cash contribution” through the first half of the year, compared with 30 at the start of the year last February. “We expect an increased number of stores to cross over into positive territory in the second half,” the company noted.

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