US EditionProfits up at Tesco after job cuts - with further losses not ruled out
- Tesco, a major UK grocery chain, anticipates lower profits in the coming year amidst a growing price war.
- An escalating price war among UK supermarkets is driven by discounters like Aldi and Lidl.
- Despite sales increasing to £63.6 billion, profit before tax decreased to £2.2 billion for Tesco.
- Chief Executive Ken Murphy stated Tesco is committed to giving customers "the best possible value by shopping at Tesco."
- The intensified competition and price cuts could provide some relief for consumers facing increased household costs.
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The Independent (US)
The Independent (US)Supermarket price war heats up in relief for squeezed consumers
Tesco has signalled that a price war is mounting within the sector.
·London, United Kingdom
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Britain's Tesco warns profit to fall as competition intensifies
LONDON: Tesco, Britain's biggest food retailer, warned on Thursday its profit would likely fall this year, blaming increased "competitive intensity" in the UK market and sending its shares down more than 7 per cent. © New Straits Times Press (M) Bhd
·Malaysia
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Tesco earmarks £400m for cuts to groceries as huge price war with...
TESCO is flexing its muscles as a huge price war with rivals threatens Britain’s biggest retailer.The supermarket â which yesterday toast... #business, #money, #costofliving, #thesunnewspaper, #sainsburys, #asda, #morrisons, #tesco, #inflation, #bankofengland, #flyingeze
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