UK retailer Tesco's US-based arm Fresh & Easy Neighbourhood Stores is on course to break even either this year or in 2013, according to Tesco chief executive Philip Clarke.
In an interview with the Financial Times, Clarke said that he could 'see it's going to get through to break even', periodically 'in months of 2012 or 2013'.
'What I am yearning for is a day I can say not just, 'Hey, do you know what, it's got to break even', but 'look here at the prospect of strong returns',' he told the FT.
'The only reason for having any business is that it generates a return...on investment that justifies you being there. So, first job: break even, second job: returns,' Clarke added.
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