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Asda sees first quarterly sales drop for 4 years

Like-for-like sales fell by 0.3 per cent, excluding petrol, in the three months to March 31.

CITY & CORPORATE

Asda sees first quarterly sales drop for 4 years

Like-for-like sales fell by 0.3 per cent, excluding petrol, in the three months to March 31.

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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