Overview
- The latest round covers 249 products, including 197 fresh items across meat, fish, poultry and produce, with average reductions of about 7% and some as steep as 50%.
- This tranche follows more than 1,000 price cuts announced last week as Asda revives its Asda Price campaign ahead of the peak trading period.
- Media reports say Tesco has trimmed its full-year profit forecast by roughly £400 million and Sainsbury’s has set aside funds to respond to the pricing push.
- Investors reacted to the move, with Tesco shares down up to 4.3% and Sainsbury’s off as much as 3.1% following Asda’s announcement.
- Fresh market data show Tesco’s share rising to 28.3% in the 12 weeks to 5 October as Asda’s slipped to 11.8% with sales down 3.2%, highlighting the competitive pressure.