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Tesco fights back in price cut war
By Thomas Mulier |
January 7, 2009, Wednesday
|
Print Edition
Print Edition
TESCO Plc, the United Kingdom's biggest supermarket chain, said it's cutting prices by 100 million pounds (US$146 million) after competitor Asda announced discounts on more than 1,000 products less than a week ago.
The reductions will take effect this month and cover more than 3,000 items, England-based Tesco said yesterday in an e-mailed statement. Asda, Wal-Mart Stores Inc's UK chain, cut prices on products including meat, frozen food and toiletries.
Supermarkets are battling harder for customers as household spending weakens. UK consumer confidence fell to the lowest since at least 2004 last month as the recession deepened and people lost their jobs, Nationwide Building Society said yesterday.
Tesco fell as much as 1.6 percent in London trading after Merrill Lynch & Co cut its rating to "neutral" from "buy," according to Bloomberg News. Merrill also lowered J Sainsbury Plc, the UK's third-largest supermarket chain, to "underperform" from "neutral."
Tesco said it will start an advertising campaign today comparing prices. The supermarket operator said 1.1 million baskets of shopping were cheaper at Tesco than they would have been at Asda on January 2.
The reductions will take effect this month and cover more than 3,000 items, England-based Tesco said yesterday in an e-mailed statement. Asda, Wal-Mart Stores Inc's UK chain, cut prices on products including meat, frozen food and toiletries.
Supermarkets are battling harder for customers as household spending weakens. UK consumer confidence fell to the lowest since at least 2004 last month as the recession deepened and people lost their jobs, Nationwide Building Society said yesterday.
Tesco fell as much as 1.6 percent in London trading after Merrill Lynch & Co cut its rating to "neutral" from "buy," according to Bloomberg News. Merrill also lowered J Sainsbury Plc, the UK's third-largest supermarket chain, to "underperform" from "neutral."
Tesco said it will start an advertising campaign today comparing prices. The supermarket operator said 1.1 million baskets of shopping were cheaper at Tesco than they would have been at Asda on January 2.
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