Asda like-for-likes down 7.5% in second quarter
Asda saw its like-for-like sales fall by 7.5% in its second quarter. The drop follows a 5.7% decline in first quarter sales.
Parent company Walmart said the UK’s competitive environment and food deflation had significantly impacted traffic and comparable sales.
Walmart chief executive Doug McMillion said: “Our strategy to turn things around is focused on improving the retail basics.
“We are simplifying and strengthening our offering through improved availability and assortment discipline, reducing costs and driving sales through strategic price investments.
“While our turn-around will take time, I’m confident in the new leadership team there and want to assure you we’re addressing this with urgency.”
Walmart’s chief financial officer Brett Biggs added: “Our strategy remains focused on improving retail basics; simplifying and strengthening the offer through improved availability and assortment discipline, reducing costs through our cost analytics program and driving sales through strategic price investments where we remain committed to the previously announced five year £1.5bn price investment.”
In June Walmart announced thatt Sean Clarke, head of its China business, would succeed Andy Clarke as president and chief executive of Asda. Having started his career at Asda back in 1996, Sean Clarke took up his new role in July.
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