British grocery chain Tesco, which predicted it would become one of the largest grocers in the U.S. when it started opening its first Fresh & Easy stores five years ago, announced a far less ambitious plan for its growth and profitability Wednesday.
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Tesco initially planned to have about 200 Fresh & Easy locations by 2009 but has continually revised down its projections in the last several years. Earlier this year, it announced plans to close 12 underperforming stores.
Tesco had also predicted Fresh & Easy would be profitable by early next year; it now says it will take about a year longer.