TSCDY Tesco PLC (PK)

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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