Asda Q3 revenue up 3.1% as food sales return to growth
Asda has posted a 3.1% rise in group revenue including fuel to £6.5 billion in its third quarter as it delivered growth across different parts of the business.
Revenue excluding fuel in the 13 weeks to 30 September totalled £5.1 billion, with like-for-like sales broadly flat.
Subscribe to TRBFood sales edged up 0.1% as investment in price and availability continued to be felt. Online grocery like-for-likes climbed by 6.9% as the supermarket benefited from strong participation in Asda Rewards, which is now linked to 74% of online orders.
Meanwhile, its Asda Express convenience chain increased its like-for-like sales by 2.7% as the retailer looks ahead to opening 15 new stores next year.
Michael Gleeson, Asda chief financial officer, said: “The work we’ve done through the period to deliver against our strategy was reflected in our third-quarter performance. Like-for-like food sales returned to growth in Q3, online sales grew strongly and group sales increased, despite the challenging economic backdrop.
“Asda’s key strength is the breadth of our business, spanning food, clothing, fuel, pharmacy and other services. This means we can meet more of our customers’ everyday needs and gives us more opportunities to grow. Our disciplined approach to managing costs and cash means we can keep investing in value today and in sustainable growth in the long-term.”
This month, Asda has appointed former Morrisons’ boss David Potts as its new chief executive who began his first day in the job with a direct message to the retailer’s 1,100 store managers, telling them to focus on the things that matter most to customers.
