Asda posts surge in sales
Asda has posted a 9.6% year-on-year increase in like-for-like sales in its second quarter.
Sales were also up on the prior three month period with a rise of 1.8%.
Meanwhile, revenue for the three months to 30 June came in at £5.4 billion.
The supermarket said its continued investment in lowering prices and improving quality helped drive a 14.7% increase in own-brand sales during the quarter compared to a year earlier. Its Just Essentials value range, which launched last year, performed particularly well with an uplift of 87%.
Mohsin Issa, Asda’s co-owner said; “We know that thousands of families continue to struggle with the cost of living, and we’re committed to doing all we can to support them.
“This quarter, we have locked the price of over 500 everyday items to help families keep a handle on their budgets, as well as reducing the price of over 200 own –label items by an average of 9% – including fresh fruit, vegetables, cupboard staples and ready meals.
“It’s this constant focus on keeping our prices low that has seen us win the Grocer 33 pricing award for the 26th consecutive year.”
Giving an update on the performance of its clothing and general merchandise businesses, Asda said both outperformed the wider market in the period with respective like-for-like sales growth of 2.8% and 6.3% compared to the same period in 2022.
Michael Gleeson, Asda’s chief financial officer, said: “The growth in like-for-like sales across the quarter reflects the strength of our customer proposition. Our focus on providing great quality and affordable food, stylish clothing and homewares from George, and the ability to shop when and how they like, is clearly resonating with our customers.”