Walmart-owned Asda have seen a 4.5 percent decline in same-store sales for the three months to November, recovering only slightly from the worst performance in its 50 year history earlier this year.
These latest results make Asda the worst performing of the Big Four supermarkets, including Morrisons – who have had an exceptionally tough year.
Similarly, data from Kantar Worldpanel shows Asda’s position as second largest supermarket by market share has been overtaken by Sainsbury’s in the last quarter, whose shares were up yesterday on unexpectedly positive results.
Asda chief executive Andy Clarke admitted that the supermarket sector remained “challenging”, but added that Asda’s “financial strength and clear plan will sustain us through this period, while we take appropriate and considered action to further strengthen our competitive position”.
Asda’s US parent company Walmart also released poor results, with net profit falling $0.4 billion to $3.3 billion for the three months to the end of October. Its total also revenues fell 1.3%.
18/11/2015
