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4-Traders Homepage  >  Equities  >  Nyse  >  Wal-Mart Stores    WMT

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Wal Mart Stores : Asda 'on right track' despite falling sales

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05/19/2017 | 12:03pm CET

ASDA has posted another fall in quarterly sales, but the supermarket's US owner has insisted that the company is "on the right track".

The chain, owned by Walmart, reported a 2.8% fall in like-for-likes sales in its first quarter.

The figure represents an 11th consecutive quarter of sales declines but marks a slight improvement on the previous period, which saw Asda sales fall 2.9%.

Asda chief executive Sean Clarke said: "We're pleased that the momentum of the fourth quarter has continued into the New Year with a third consecutive quarter of improvement.

"We're delivering more consistently for our customers, particularly in fresh food, service and availability - both in stores and online.

"Despite this progress we are in no way complacent and there is still much for us to do."

Mr Clarke, who took up the reins last summer after being parachuted in to replace previous boss Andy Clarke, has slashed the prices of everyday items as he attempts to arrest falling sales.

Last August Asda posted its worst ever sales fall of 7.5%. In response, it announced in September it was lowering thousands of prices on everyday favourites by an average of 15%, with items such as beef, chicken and sausages all becoming cheaper.

In a trading update, Walmart said it is confident that Asda is "on the right track". Walmart chief executive Doug McMillon said: "We've made some progress in the UK."

© Copyright © 2017 Express & Star, All rights reserved., source Newspapers

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Wal-Mart Stores Technical Analysis Chart | WMT | US9311421039 | 4-Traders
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Gregory B. Penner Non-Executive Chairman
Jonathan Barker Chief Operating Officer
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Jeremy King Chief Technology Officer & Executive VP
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