date:Jun 23, 2014
Morrisons, Britain's No. 4 grocer, has fired the latest salvo in a growing price battle with rivals, launching another round of cuts on 135 basic products.
The firm, which trails market leader Tesco, Wal-Mart's Asda and Sainsbury's, issued a profit warning in March and set out a plan to combat a loss of trade to discounters as well as a weak overall food market.
The plan included investing 1 billion pounds ($1.68 billion)in price cuts over the next three years, financed by cost savings of the