Tesco sales results due after 'awful April' bill hikes

TESCO shareholders will be watching closely for signs that it is managing to fend off competition as the super-market price war heats up and “awful April” bill hikes eat into household income.

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The UK’s biggest supermarket chain will unveil its financial results for the first three months of its finan-cial year on Thursday.

Tesco recently signalled that a price war was mounting within the sector, saying that it expects to make as much as £400 million less in profit in the year ahead as a result of what it called “a very competitive market”.

Asda has promised its biggest price cuts in 25 years under returning boss Allan Leighton, in a bid to revive the languishing chain.