Tesco saw billions of pounds wiped from its shares today after the supermarket admitted it messed up its pricing strategy in a "disappointing" Christmas.Judging by today’s experience in the beer aisle they’re not going to turn things round any day soon, as the standard price for 500ml premium bottle ales has been increased to £1.99, even for the 3.8% ones, which is the same as you would pay for a pint in Spoons. Not a sniff of a multibuy offer either. When Morrisons are selling a broadly similar selection for £1.75 each, or £5.50 for four, it will be hardly surprising if those customers who include beer in their weekly shop vote with their feet.
The blue-chip stock slumped by an unprecedented 15% - equivalent to more than £4 billion - after chief executive Philip Clarke said the grocer had failed to pull in enough customers with its £500 million Big Price Drop campaign.
Tesco, which has 2,700 stores in the UK, reported a "disappointing" 2.3% decline in like-for-like sales excluding VAT and petrol in the six weeks to January 7, which came in below its own expectations.