Thursday, 18 May 2017

Asda suffers 11th quarter of falling sales

Asda has reported falling sales for an 11th quarter in a row as it continues to lose ground to its rivals.

The UK's third biggest supermarket revealed sales in the three months to end of March fell 2.8% on a like-for-like basis.

It was a slight improvement on the previous quarter, but analysts warned more work was needed.

By contrast, Asda's parent company, Walmart, revealed a 1.4% rise in like-for-like sales in its native US market.

Asda's latest fall was nowhere near as bad as the 7.5% drop in quarterly sales that it reported in August last year, and was slightly better than the 2.9% decline seen in the final three months of 2016.
But chief executive Sean Clarke admitted more needed to be done to recover.

He said: "We're pleased that the momentum of Q4 has continued into the New Year with a third consecutive quarter of improvement.

"Despite this progress we are in no way complacent and there is still much for us to do."

Bosses in the US said the results were a "sequential improvement" when accounting for the lack of a leap year and a later Easter this year.

BBC     News.