Asda, the UK’s second-largest retailer, today (18 May) confirmed what it called “disappointing” first-quarter results with like-for-like sales down 0.3%.
The drop was Asda’s first dip in sales since 2006. However, Wal-Mart’s UK arm insisted it was making “good progress” against plans it set out last month.
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The retailer, which is looking to open 100 small supermarkets over the next five years to become the “clear” number two food retailer in the country, said profits “grew ahead of sales” and had beat “internal targets”.
Andy Clarke, appointed president and CEO of Asda last week, warned of a “challenging” second half of the year for consumers but said the retailer would help shoppers reduce costs.
“Listening to customers, it’s clearer than ever that the second half of this year will be challenging for them,” Clarke said. “High petrol prices, and the prospect of tax increases from the incoming government are weighing heavily on their minds. It is our responsibility to deliver the plan we’ve laid out, and by doing so help lower the cost of living for our customers.”
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