Buffett Criticizes Tesco’s U.S. Venture: Report

SN STAFF

OMAHA, Neb. — Warren Buffett, the American financial investor who owns a 3% stake in Tesco, said here Monday the United Kingdom-based company must take a hard look at its Fresh & Easy Neighborhood Market operation, according to published reports.

The Financial Times of London said Buffett told a shareholders conference here that Tesco had been "foolhardy" to enter the U.S. grocery market.

He acknowledges, however, that Fresh & Easy sales have been improving and that Tim Mason, Fresh & Easy's chief executive officer, has the potential to make a success of the U.S. business, calling him "a smart man at the top," the reports indicated.