Asda sees first quarterly sales drop for 4 years
Andy Bond, who stepped down as chief executive last week to become Asda’s part-time chairman, admitted that its first-quarter sales had been disappointing.
Andy Clarke, who replaced Mr Bond as chief executive, said: “It’s clearer than ever that the second half of this year will be challenging [for shoppers]. High petrol prices and the prospect of tax increases from the incoming Government are weighing heavily on their minds.”
Despite Asda’s sales performance, 15,600 of its staff will earn £47 million as part of the share save scheme operated by parent Wal-Mart
Market research from Kantar shows that Asda has been falling behind its chief rivals Tesco, Sainsbury's and Morrisons. Earlier this month, Morrisons reported a 0.8 per cent rise in underlying sales for the 13 weeks to 2 May.
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