Asda Posts First Sales Growth in Two Years
Supermarket group Asda reported its first underlying sales growth in over two years, driven by better pricing and stock availability. Chairman Allan Leighton noted the business remains in the early stages of its turnaround.
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Asda posted a 0.2% rise in underlying sales across the United Kingdom during the seven weeks to August 18, ending an eight-quarter sales slump. The turnaround breaks a decline that saw second-quarter like-for-like sales drop 2.3% through June. The third-largest supermarket group in the country is working to regain ground lost to market leader TESCO PLC and SAINSBURY (J) PLC after implementing sharper pricing and inventory updates.
