Asda, the UK’s second-largest retailer, made a “solid” start to 2011, its parent company Wal-Mart Stores said today (17 May), with underlying like-for-like sales up 0.8% in the first quarter of the year.
Excluding the impact that Easter had on last year’s first quarter and VAT, Asda reported a 0.8% increase in adjusted like-for-like sales. Including VAT, adjusted like-for-like sales climbed 1.7%.
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On a reported basis, Asda’s like-for-like sales were up 0.1% but Doug McMillion, the president and CEO of Wal-Mart’s international operations, described the results as a “solid start to the year”.
Asda said its operating income “declined” compared to the first quarter of 2010 but did not give specific figures. The retailer cited a charge from the closure of its defined benefit pension plan and costs linked to its acquisition of Netto’s UK stores.
In the US today, Wal-Mart announced rising first-quarter sales and earnings thanks to growth from its international operations.
Sales and operating income from Wal-Mart’s US arm did grow but at a slower pace than its overseas operations.
The retailer also revealed that its comparable-store sales in the US fell for the eight quarter in a row.
