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Tesco to end Brand Guarantee scheme, focus on lower everyday prices

Tesco said as a result of the group’s investment in lower everyday prices, fewer than one in eight transactions receives any refund

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Tesco said customers prefer lower everyday prices instead of the Brand Guarantee scheme

Tesco PLC (LON:TSCO) has announced that it will end its Brand Guarantee scheme on 16 July 2018, as it continues to invest in lower prices for customers at the shelf edge.

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.

READ: Tesco boosted by 'buy' rating and target price hikes by UBS and Deutsche Bank

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.

Quick facts: Tesco PLC

Price: 229.8 GBX

LSE:TSCO
Market: LSE
Market Cap: £22.51 billion
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