Tesco PLC (LSE:TSCO) has unveiled plans to cut 400 jobs as part of an efficiency drive as competition in the grocery sector mounts.
Stretching from bakery to phone shop, to head office positions, Tesco said the cuts would “simplify” its business.
Rival J Sainsbury PLC (LSE:SBRY) had announced 3,000 job cuts last week, including through the closure of hot food counters and cafes, alongside senior management reductions.
Tesco chief executive Matthew Barnes noted cuts came as the businesses sought ways to keep prices down as the supermarket cited a “more competitive [market] than ever”.
Barnes added: “These are difficult decisions affecting our colleagues, but we believe they are necessary to enable us to invest in what matters most to our customers.”
Shares were down 0.2% at 369.80p on Wednesday.