Tesco steps up challenge to rivals with new price cuts [Reuters]
TESCO PLC S/ADR (TSCDY)
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Source: Reuters
Tesco steps up challenge to rivals with new price cuts | Reuters 3 Min Read LONDON (Reuters) - Tesco ( TSCO.L ) said a drive to lower prices for customers had boosted its quarterly sales, in an ominous warning for rivals three years after Britain’s biggest retailer embarked on a turnaround program. Tesco, which was forced to rebuild after a 2014 accounting scandal capped a downturn in trading, said a move to lower prices on fresh food brands towards the end of its first quarter reflected a growing confidence in its performance. The lower prices, plus a relaunch of its own-brand products, helped the group to counter adverse weather and post first-quarter underlying sales in its home market up 2.1 percent, in line with forecasts. “Our growth plans are on track and we are pleased with the momentum in the business,” Chief Executive Dave Lewis said. “We remain well-placed to serve our customers better and deliver on our medium-term financial ambitions.” The lower prices are likely to be
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