UK: Further price cuts announced to bolster Tesco's leading market share
Tesco has announced "further investments price cuts," aimed at bolstering both the £500m reductions given over the last two years and its leading market share. The UK retailing giant is already at the top of the supermarket charts in terms of sales, but it aims to stay ahead of rivals with this latest announcement.
Recently posting a 6.9% annual increase in like-for-like sales over the Christmas and New Year period, compared to the equivalent 0.7% growth at Sainsbury, many analysts are now considering upgrading Tesco's profit estimates for 2001.
Tesco commented that its growth was largely due to its continued deflation of food prices, expansion into the international arena and its sales in non-food items such as electrical goods and mobile phones. Over the last year, the supermarket chain has expanded by 32 stores and 3m ft² of trading floor space.
Furthermore the net performance of Tesco.com has increased by 400% since last year, and now covers 90% of the population.
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