Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Tesco accelerates price cuts amid easing inflation and rising profits

by
October 3, 2024
in Top News
0
Tesco accelerates price cuts amid easing inflation and rising profits
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Tesco is lowering prices “as quickly as possible,” according to its chief executive, in the latest sign that inflationary pressures in the UK may be subsiding.

The country’s largest supermarket has cut prices on thousands of products as the cost inflation it faces eases. The retailer is continuing to work closely with suppliers to pass these savings on to customers.

Tesco’s focus on competitive pricing has helped it maintain its status as the most affordable of the traditional supermarkets for almost two years. Chief Executive Ken Murphy stated, “The combination of price, quality, and innovation means we are as competitive as we have ever been.”

Recent industry data reflects Tesco’s growing dominance. Kantar’s latest figures show Tesco holding 27.8% of the UK grocery market, up from 27% a year ago. This is the retailer’s strongest position since January 2022.

Looking ahead to the Christmas trading period, Murphy said the company is “in good shape” and remains optimistic. The supermarket raised its profit forecast for the year, now expecting to achieve £2.9bn in retail adjusted operating profit, up from an earlier estimate of at least £2.8bn.

Tesco reported a strong first half of the year, with pre-tax profits increasing by nearly 20% to £1.39bn, and revenues up 4% to £31.5bn. A notable driver of this growth has been Tesco’s premium “Finest” range, which saw more than 20 million customers in the first half of the year.

Additionally, Tesco’s Clubcard loyalty scheme continues to gain traction, with more than 23 million households now signed up. The supermarket is exploring ways to evolve the scheme further, including using data to encourage healthier choices among shoppers.

Murphy recently suggested that in the future, the Clubcard could help nudge customers towards healthier food options by alerting them when their shopping habits include excessive levels of unhealthy ingredients, such as sodium. “I can see it nudging you,” he said, explaining that the data could prompt customers to make healthier substitutions in their baskets.

As Tesco approaches the busy festive season, its focus on price competitiveness, quality, and customer loyalty looks set to continue driving its market leadership.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Uncertainty over tax rises impacting consumer spending, warns Sainsbury’s boss

Uncertainty over tax rises impacting consumer spending, warns Sainsbury’s boss

Recommended

DENR to offer 18 Cavite dams for auction by Jan.

DENR to offer 18 Cavite dams for auction by Jan.

October 15, 2024
Beating Content Decay: How to Revitalise Your Company’s Online Presence

Beating Content Decay: How to Revitalise Your Company’s Online Presence

October 22, 2024
PLDT Group’s Cathy Yang wins Gold Stevie® at inaugural Technology Excellence Awards

PLDT Group’s Cathy Yang wins Gold Stevie® at inaugural Technology Excellence Awards

August 15, 2024
Cop, tricycle driver wounded in Maguindanao del Norte ambush

Cop, tricycle driver wounded in Maguindanao del Norte ambush

January 2, 2025
Basic to complete Batangas wind project by early 2028

Basic to complete Batangas wind project by early 2028

October 27, 2024
RoK: A friend of long standing

RoK: A friend of long standing

September 17, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved