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UK: Tesco slashes clothing prices

UK: Tesco slashes clothing prices

Write: Etania [2011-05-20]

Tesco has cut prices on more than 700 items in its clothing range as the "credit crunch" price war between the supermarket giants hots up.

Among the offers are men's suits for £25, children's t-shirts from £2 and women's jeans for £6.

Terry Green, clothing chief executive at Tesco, said: "With all the doom and gloom of the credit crunch we want to give our customers better value for money and more choice than ever before.

"We can make this move due to the volumes we buy in and the strong partnerships we've formed with our suppliers, built up over a long period of time. Purchasing high volumes from them means we can work together to pass cost savings on to our customers."

Earlier this month Asda cut prices on 1,000 essential items in its 350 stores ranging from fresh and frozen goods to bakery items and toiletries.

On January 13 Tesco reported its worst Christmas results in almost 20 years.

In the UK, its like-for-like sales growth of 2.5% for the seven weeks to January 10 was in line with muted City expectations but weaker than rival Sainsbury's.

Tesco has 440,000 staff worldwide, with 280,000 based in the UK.

The firm has 2,184 UK stores but trades in 13 other countries with 3,956 outlets worldwide.

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