Retailer manages to up full-year profit expectations by £100m after luring shoppers with price cuts over summerBusiness live – latest updatesTesco has warned of an intensifying price battle in the run-up to Christmas amid “pressure on household budgets” but upped its full-year profit expectations by £100m after it grabbed market share and drew in more shoppers by keeping a lid on inflation over the summer.The UK’s biggest retailer said it expected to make annual profits of up to £3.1bn, up from a previous maximum of £3bn, as it said efforts to cut the price of 6,500 items by an average 9% had “worked better” than it predicted. The company said its rate of inflation was “well behind” the latest headline rate for groceries of 4.9% set out by the analysts Worldpanel, formerly known as Kantar. Continue reading...
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