The supermarket group said the Brand Guarantee scheme, which was launched in 2015, offered customers a price match on branded goods when they bought ten or more items in larger stores or online, with the difference refunded at the checkout.
Tesco said as a result of group’s investment in lower everyday prices, fewer than one in eight transactions receives any refund, and the majority of customers said they would prefer lower everyday prices instead.
“Today we are committing to cuts on dozens more popular products, which will be introduced in stores over the next two weeks,” Tesco said in a statement.
Alessandra Bellini, Tesco chief customer officer, said: “In recent weeks, we’ve already reduced the prices of over 260 popular products, including own brand and branded favourites, and we’ll continue to work hard to offer our customers great quality food at great prices.”
In afternoon trading, Tesco’s shares fell 0.08% to 261.50p.