Tesco to Scrap Brand-Guarantee Scheme to Focus on Price Cuts
June 25 2018 - 8:10AM
Dow Jones News
By Maryam Cockar
Tesco PLC (TSCO.LN) said Monday that it will end its
Brand-Guarantee Scheme on July 16 in order to focus on lowering
prices on everyday products.
The FTSE 100-listed supermarket chain said the scheme, which has
been in place since 2015, offered customers a price match on
branded goods--as opposed to Tesco-branded products--when they
bought 10 or more items in bigger stores or online, with the
difference refunded at the checkout.
However, Tesco said that currently fewer than one in eight
transactions receives any refund at all and so it will instead
focus on reducing prices on everyday items.
Tesco said it has so far cut prices on more than 260 everyday
products, with savings ranging between 10% and 50%, and it will now
lower prices on more products over the next two weeks.
At 1136 GMT, Tesco shares were down 1.50 pence, or 0.6%, at
260.30 pence.
Write to Maryam Cockar at maryam.cockar@dowjones.com
(END) Dow Jones Newswires
June 25, 2018 07:55 ET (11:55 GMT)
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