Warren Buffett: ‘Tesco was a huge mistake’

Billionaire investor’s fund Berkshire Hathaway owns 4.1% of supermarket but falling share price has cost it £465m in a year

Renowned US investor Warren Buffett has said he made a “huge mistake” by investing in Tesco, as the problems mount at Britain’s largest retailer.

Tesco shares have slumped 45% this year as the supermarket issued four shock profit warnings and last week became embroiled in an accounting scandal, admitting it had overstated its profits by £250m. The retailer has been the worst performer in the FTSE 100 index this year and its shares are at an 11-year low.

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Live well with 50p less: Sainsbury’s sales strategy slip up

The supermarket is exhorting staff to get shoppers to spend an extra 50p on every visit – but it accidentally made the plan publicWould you like a crusty poppy seed baton with that? How about a delicious scotch egg or a pair of parsnips? This could be …

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Mary Berry’s cherries raise supermarket sales as ‘Bake-Off effect’ takes hold

Great British Bake Off show is whipping up sales of glacé cherries just as Delia Smith used to induce shortages of ingredients such as cranberries

Shoppers are snapping up glacé cherries, as The Great British Bake Off begins to drive sales at the nation’s supermarkets.

Upmarket grocer Waitrose reported a 25% lift in sales of the processed cherries after a recent episode of the hit TV show, in which contestants competed to make their own version of co-judge Mary Berry’s cherry cake.

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Ronny Gottschlich: Lidl’s boss hopes to go a long way in the British market

Champagne, fancy cheese and even lower prices are on the menu as the discounter takes on the big four grocers

The rise of the discount grocers is starting to make a serious impact on the way we shop and the price we pay to put food on the table.

Last week market analysts Kantar Worldpanel – regarded as the gold standard in measuring changes in the grocery business – revealed new data showing recent sales at Aldi and Lidl up 35% and 22% respectively compared with the same time last year, while Tesco was down 1.9%. The discounters’ growing impact, said the analysts, had also pushed down food price inflation to its lowest level in eight years.

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Asda customer charged £450 for bread

Supermarket apologises and reimburses John Brown, who noticed the error when he checked his bank statement three days later

Asda has apologised to a customer who was charged £450 for a loaf of bread while using a debit card at a self-service checkout.

Warehouse worker John Brown only noticed the supermarket’s error when he checked his bank statement three days after buying two loaves of bread, a pot of jam and a carton of eggs.

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Trouble in store for Sainsbury’s as sales go into reverse in bargain-conscious UK

Sainsbury’s is last of UK’s big four grocers to see sales go into reverse as shoppers search for bargains at discounters

Nine years of constantly growing sales have come to an abrupt end at Sainsbury’s in another sign of the huge changes in Britain’s shopping habits.

The change in fortunes revealed on Tuesday makes Sainsbury’s the last of the UK’s big four grocers to see sales at established stores go into reverse as a result of shoppers searching for bargains at discounters such as Aldi and Lidl, switching to cheaper own-label goods, moving online – or simply buying less.

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