Asda saw its profits grow ahead of sales in the third-quarter of the year

Asda saw its profits grow ahead of sales in the third-quarter of the year

UK retailer Asda saw its profits grow ahead of sales in the third-quarter of the year, boosted by a number of initiatives introduced throughout the year.

For the three month period to 30 September, like-for-like sales, without fuel, climbed 1.3%, the firm's parent Wal-Mart reported today (16 November).

Profits for the same period grew ahead of sales, beating internal targets, it said.

During the quarter Asda relaunched its Chosen By You range, increased activity around the Asda Price Guarantee, and experienced "record sales" via Asda.com, which the firm said is continuing to grow at 30%.

Doug McMillon, president and CEO of Walmart International said: "We are encouraged by the recent sales momentum in the UK where we are well positioned for the holiday season. At a time where economists are forecasting very tough economic conditions, Asda remains committed to saving customers money every day."

Asda opened two new stores in Hazel Grove and Gorseinon in the quarter. Its final store opening for 2010 opens in Newquay on 22 November.

Earlier today Asda announced it plans to create 7,500 new jobs in 2011.