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In its annual report released in April, Tesco said it was "building real momentum in Fresh & Easy" with 12 percent like-for-like growth. As one sign of progress, Tesco said it had reduced its losses in the United States for the first time in 2012
-- the year when it had once aimed to turn a profit. "It is now clear that Fresh & Easy will not deliver acceptable shareholder returns on an appropriate timeframe in its current form," Clarke said. "Whilst the business has many positives, its journey to scale and acceptable returns will take too long relative to other opportunities."
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