Philip Clarke, the chief executive of Tesco, appeared to stand by its lossmaking US business as he said he would lead a “revolution” in online retailing.

Speaking at the World Retail Congress in London, just weeks before the retailer posts its half-year results, he insisted there was a future for its US business Fresh & Easy. “All the changes that we have been making have gone some way to prove that there is life in Fresh & Easy yet,” he said.

The comments come amid continued losses at Fresh & Easy and moves to cut costs, including reducing staff and hours at some stores. Mr Clarke indicated in June Tesco would pull out of the US if it saw no prospect of success.

– (The Financial Times Ltd)