ASDA sales fall for a fourth consecutive quarter

Sales at Yorkshire supermarket giant Asda have fallen for a fourth straight quarter, with chief executive Andy Clarke describing the performance as "disappointing, but a short-term picture".

The retailer, owned by US group Wal-Mart, revealed that like-for-like sales dropped by 4.7 per cent in the 11 weeks to 30 June 2015, its fiscal second quarter.

Clarke said the business continued to "navigate a steady course through the worst storm in retail history".

"Predicting that 2015 was going to be a volatile year I didn't expect to report a positive sales figure, but I'm not distracted by the short-term picture," he said. "We have an enviably stable business with balanced books and the right strategy to return us to sales growth."

Chief financial officer Alex Russo added: "Behind the negative sales number lies a more positive story for Asda.

"We are maintaining balance in an impulsive market and performing solidly in growth channels, maximising and accelerating our areas of strength while addressing areas of underperformance."

In July, Kantar Worldpanel's latest grocery share figures showed Sainsbury's had displaced Asda as the UK's second largest supermarket by market share.

Despite a fall in sales of 0.3 per cent, Sainsbury's edged its market share of 16.5 per cent ahead of Asda, which stood at 16.4 per cent in the 12 weeks to 19 July 2015.

Source : Insider Media
www.insidermedia.com/insider/yorkshire/145745-sales-slide-further-asda/