Asda, the UK unit of Wal-Mart, saw pre-tax profits fall in 2008, a year in which the US retail giant changed the ownership of the UK’s second-largest retailer.
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According to accounts filed at Companies House, Asda generated pre-tax profits of GBP520.4m in 2008 – down from GBP532.7m recorded a year earlier.
Revenues, however, rose from GBP16.7bn to GBP18.57bn.
The accounts also revealed that ownership of Asda had been switched from Wal-Mart to Corinth Services Ltd – a unit of the US titan – in a deal worth GBP6.9bn.
The directors’ report said the transaction had gone through due to a “group reconstruction” and for reasons of “good financial management”.
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