UK: Asda ends "strong" year with slowing sales
Asda invested GBP100m in prices of "essentials"
Asda, the UK's second-largest retailer, saw its underlying sales slow in the last three months of its financial year.
The company today (21 February) reported its like-for-like sales, excluding fuel, increased by 0.1% in the 14 weeks to 5 January. Asda's share of grocery sales dipped from 17.5% to 17.3% year-on-year.
However, the quarterly result compared to a 1% rise for the full year when Asda increased its market share.
Reflecting on Asda's fourth quarter, Asda CFO Richard Mayfield pointed to a "very strong Christmas in 2012" and the investment the retailer made in prices of what it called "essentials" - products like bread and milk.
"We are very pleased with growth on growth," he said at a media conference in London today.
Asda did not provide figures for profit for the quarter or the full year. However, Mayfield said Asda's work on costs meant its profits grew faster than sales. "We're pleased with our profit performance," he added.
Check back later for further coverage of Asda's results and its comments on the horsemeat contamination scandal.
UK snacks firm New York Delhi has secured a listing with Australia's largest retailer Woolworths Ltd but the company insists it is aiming to grow without "selling out" to the large supermarket chains....
Morrisons, the UK's fourth-largest grocer, is to test new management structures in seven stores it plans to open later this year....
- Interview: Mondelez eyes sweet success in China
- Interview: Mondelez's outlook for China
- How food companies involve staff in sustainability
- General Mills on Q1, innovation, margins
- The benefits of engaging staff in sustainability
- Ireland unveils national plan to tackle obesity
- Aryzta FY profits fall
- Nestle close to finalising Garoto deal
- ConAgra acquires Frontera Foods' "gourmet" brands
- Fonterra says value-added strategy paying off
- Global Chocolate Confectionery Overview: Challenges, Opportunities and Risks
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Global Foodservice Market 2016-2020
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review
- Global Food and Drinks Closures: Performance and Opportunities