LONDON, June 27 (Reuters) - Britain's biggest supermarkets denied profiteering from food inflation or acting as a cartel when questioned about grocery prices by lawmakers on Tuesday.
"The UK retail market is the most competitive market," Asda's chief commercial officer Kris Comerford said when asked if the large players acted as a cartel.
Asked about "a grotesque display of profiteering", Tesco's commercial director said the group made 4 pence profit for every pound spent, while Sainsbury's food commercial director said it made less than 3 pence on the same measure, with both executives arguing that did not represent a high profit margin.
Reporting by James Davey and Sarah Young, Editing by Paul Sandle
Source: Reuters