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GLOVES OFF FOR XMAS
ABOVE: Asda will be cutting prices back further to bat away competition
SUPERMARKET group Asda yesterday predicted a cut-throat Christmas as it announced slower sales growth.
The grocery chain, part of US retail giant WalMart, said underlying sales in the three months to September 30 rose 5.6%, down from 7.2% in the second quarter, as falling inflation offset higher sales volumes.
Finance director Judith McKenna said consumers were battening down the hatches and paying off debt.
“Green shoots of recovery could be held back,” she said.
“This will be the most competitive Christmas for a decade.”
Asda has pledged price cuts of £150 million to lure customers away from rivals Tesco, Sainsbury’s and Morrisons.
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