Asda sees marginal dip in quarterly sales growth
Supermarket chain delivers new lines in tough market conditions
By CFOWorld.co.uk staff | CFO UK | Published 14:40, 15 November 12
UK supermarket chain Asda, owned by global giant Wal Mart, posted a marginal slowdown in quarterly sales growth.
In a trading update on Thursday, following parent company Wal Mart’s data release, the UK’s second largest supermarket chain said like-for-like sales, excluding fuel and VAT, were up 0.3 percent in the 13 weeks to September 30; its fiscal third quarter.
The rate was below the 0.7 percent figure recorded in its second quarter. The supermarket chain with over 500 stores in UK said it had renewed its focus on low prices, revamped fresh food lines and increased penetration of its own food ranges.
Asda also said it had benefited from its price guarantee offering to refund customers the difference, via a voucher, if an online price comparison website does not show their shopping is at least 10 percent cheaper than a rival British supermarket chain.
Andy Clarke, president and chief executive at Asda, said, “These are solid results in a tough market.”
Earlier, on Thursday, official data showed that UK retail sales volumes fell 0.8 percent in October following a rise of 0.5 percent in September. The dip in retail sales was attributed in large parts to food stores reporting the biggest monthly sales volume decline since November 2011.
Share:Facebook Twitter Google Plus Stumble Upon Reddit Share This Email this article
Outdated finance processes, systems and competencies leave too many questions unansweredmore ..
CFO Luca Maestri said Apple had beaten the PC industry average in 32 of the last 33 quartersmore ..
Profits for the quarter were down, howevermore ..
public sector net debt equalled 77.3 percent of GDP, the ONS said.more ..
CFOs are keen for the chancellor to avoid any uncertaintymore ..
CFOs used to low interest rates ignore working capital optimisation at their perilmore ..