Tesco to slash prices by £400m in battle with Asda [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
Britain's biggest supermarket said profits would fall as much as 14pc this year, as it prepares to invest £400m in price cuts. Tesco said it was now forecasting adjusted operating profits of between £2.7bn and £3bn, compared to £3.13bn in the most recent financial year to the end of February. Tesco said it needed the “flexibility and firepower” to challenge rivals in an increasingly competitive grocery market. Ken Murphy, the chief executive, said there had been a “general intensification” of competition across its grocery rivals, although he admitted there had “clearly been statements made in the press by one competitor” over price cuts. Almost £4bn was wiped off Britain's biggest supermarkets last month after Asda unveiling sweeping plans to win back shoppers. Shares in Tesco plunged as much as 10.5pc following Asda's announcement which pledged a “substantive and well-backed programme of investment” back into its stores. Asda's new chairman, Allan Leighton, has said he
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