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• Costco Wholesale said yesterday that because of increased energy prices that have increased its costs, made fuel sales les profitable and also inhibited shoppers’ purchasing power, its earnings this year will be “well below” analysts’ estimates.

The announcement comes after similar statements by Supervalu and Safeway, both of which have said that profit won’t meet projections.

• The Wall Street Journal reports this morning that a fuel price war has broken out in the UK among some of its biggest grocers, with Tesco, Walmart-owned Asda and William Morrison Supermarkets all cutting per-liter gasoline prices over the past few days. Tesco’s cut included an even deeper discount for consumers who use its Clubcard loyalty program.

Dow Jones reports that Tesco’s UK market share feel slightly in the last quarter from 31.5 percent during the second quarter a year ago to 31.3 percent this year. Walmart’s Asda Group saw its share grow to 16.9 percent from 16.7 percent a year ago. Sainsbury’s share of the market was down from 16.2 percent a year ago to 15.9 percent this year, while William Morrison Supermarkets saw its share grow from 11.1 percent to 11.3 percent.

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