Business Services Industry
U.K. Supermarket Chain Tesco Pledges More Price Cuts after Bonanza Profits.
Knight Ridder/Tribune Business News, April, 2004
By Lucy Farndon, Daily Mail, London Knight Ridder/Tribune Business News
Apr. 21--Tesco's fighting talk and fabulous profits suggest there is little danger it will lose its edge.
The UK's biggest super-market chain is "looking to steal a march" on rivals Morrison and Asda by cutting prices ever further. It sees "plenty of scope" for cuts for another few years at least.
Finance director Andrew Higginson brushes off fears of a tougher market now Morrison has bought Safeway.
He says: "We have always been one of those who set the pace. We are fortunate to be leading and slightly in control of our own destiny."
Rather than quaking about threats from rivals, Higginson says: "The big worry is complacency -- if you start to...
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