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AMAZON.COM, INC.

(AMZN)
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Real-time Estimate Cboe BZX  -  01:57 2022-12-05 pm EST
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Amazon takes on Britain's Tesco with price match scheme

07/18/2022 | 05:26am EST
An Amazon logo is seen at its centre in Darlington

LONDON (Reuters) - Amazon, seeking an edge amid a deteriorating cost of living crisis, will match UK grocery market leader Tesco's prices on hundreds of products, it said on Monday.

The new scheme from Amazon Fresh, which delivers groceries to Amazon Prime members, will match its prices to Tesco Clubcard deals on everyday items, including meat and fish.

"We know that our customers are looking for ways to save on their weekly grocery shopping," Russell Jones, Amazon Fresh director said.

Facing the toughest economic conditions in decades, Britain's food retailers are monitoring each others' prices more than ever.

Tesco's Clubcard Prices scheme has been popular with consumers. Holders of the group's loyalty Clubcard pay up to a half less than non-holders across some 3,000 products both in-store and online.

When Clubcard Prices are taken into account, Tesco increasingly features as the cheapest of Britain's big four supermarkets in The Grocer's widely-followed weekly pricing survey.

Tesco and No 2 player Sainsbury's also price match products to German-owned discounter Aldi.

Amazon does not break out figures for its UK grocery sales, making it problematic to estimate its market share.

However, the Competition and Markets Authority ruled in February that Amazon must comply with the Groceries Supply Code of Practice.

The code only applies to retailers with an annual turnover of more than 1 billion pounds ($1.2 billion) in grocery sales.

Tesco has an over 27% share of the UK grocery market.

($1 = 0.8361 pounds)

(Reporting by James Davey; Editing by Kirsten Donovan)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.51% 91.765 Delayed Quote.-43.54%
FEEDER CATTLE FUTURE (GF) - CMG/C1 0.75% 182.425 End-of-day quote.9.33%
LIVE CATTLE FUTURE (LE) - CMG/C1 0.13% 153.25 End-of-day quote.9.77%
TESCO PLC 0.70% 230.1 Delayed Quote.-21.18%
UK 10Y CASH 0.00% 3.1059 Delayed Quote.249.68%
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Financials (USD)
Sales 2022 511 B - -
Net income 2022 -825 M - -
Net cash 2022 19 696 M - -
P/E ratio 2022 -1 122x
Yield 2022 -
Capitalization 960 B 960 B -
EV / Sales 2022 1,84x
EV / Sales 2023 1,64x
Nbr of Employees 1 608 000
Free-Float 85,8%
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Mean consensus BUY
Number of Analysts 52
Last Close Price 94,13 $
Average target price 142,41 $
Spread / Average Target 51,3%
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Managers and Directors
Andrew R. Jassy President, Chief Executive Officer & Director
Brian T. Olsavsky Chief Financial Officer & Senior Vice President
Jeffrey P. Bezos Executive Chairman
Patricia Q. Stonesifer Independent Director
Jonathan Jake Rubinstein Lead Independent Director
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