Tesco Loses Christmas War As Promotions And Coupons Take Centre Stage

UK retailer Tesco has been forced to issue a profit warning after posting lacklustre results for the Christmas period. The firm registered a 2.3% decline in like-for-like sales for the six weeks to January 7 2012 compared to a 0.9% decline the previous quarter. With Sainsbury and Morrisons posting growth and figures from Kantar suggesting that Walmart-owned Asda performed strongly, Tesco looks like the clear loser over the period. Shares in Tesco fell by 15% in early morning trading following the

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