Proactive Investors - Run By Investors For Investors delivers price cut promise as it completes Whole Foods takeover

On its first full day of ownership, Amazon slashed prices at Whole Foods delivers price cut promise as it completes Whole Foods takeover
Amazon did slash prices as promised, reportedly

Online retail giant Inc (NASDAQ:AMZN), which moved into bricks and mortar with its acquisition of Whole Foods Market Inc (NASDAQ:WFM), promised it would lower prices on groceries at the latter and has done just what it said on the tin.

On its first full day of ownership, it slashed prices at Whole Foods by as much as 43% on some items.

Reportedly at one store in New York, apples were marked down to $1.99 a pound from $3.49, while some bananas were cut to 49 cents per pound from 79 cents.

Last week, in a joint statement released after-hours on Thursday, the two Nasdaq-listed firms said they would cut the cost of items including avocados, bananas, organic baby kale and salmon.

They said the goal is to "make organic food more affordable for everyone".

Amazon's $13.7bn purchase of Whole Foods sent shock waves through the global $800bn supermarket industry.

Amazon is serious about taking on competitors such as Wal-Mart Stores, Kroger and Costco Wholesale.

Amazon shares on Monday nudged 0.13% higher at $946.06.

View full AMZN profile View Profile Timeline

February 14 2019

Related Articles

medical imaging graphic
Here we take a closer look at the imaging and diagnostics firm IQ-AI
May 23 2019
Company is looking for more acquisitions after integration of Metro Rod
May 21 2019
"The group's performance over the past three years demonstrates the continuing success of our strategy to access more customers and markets," said chief executive John Nichols.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use