Asda, Britain’s third-biggest supermarket group, posted a 5.3% decline in underlying sales in the three months to the end of June, as it continues to underperform its rivals.
The group, which is majority owned by Mohsin Issa and private equity firm TDR Capital, said total revenues excluding fuel fell by 2.2% to £5.3 billion ($6.74 billion).
Asda also said Back-to-school sales rose 88% in the two weeks to mid-June due to its first-ever ‘early bird’ promotion, with 20% off George schoolwear. It had also invested heavily in staff training around product choice and sizing.
That said, for the quarter as a whole, George clothing sales fell 3.9% like-for-like as it focused on full-price sales outside of schoolwear. But George online revenue rose 3.9%.
Asda added on Thursday that its net debt at the end of June was £3.9 pounds and it remained committed to further de-leveraging.
It said it would invest in core grocery lines, improving efficiencies, adding more staff hours to ensure shelves were replenished faster, and growing its customer loyalty programme to drive a return to growth.
Written with Reuters
Copyright © 2024 FashionNetwork.com All rights reserved.
Published September 16, 2024 Luxury beauty retailer Violet Grey is back under the leadership of founder Cassandra Grey, following its reacquisition
Published September 16, 2024 FKA Twigs has made her debut in her first campaign with Swiss sportswear brand On, since joining as a creative partner
Translated by Roberta HERRERA Published September 16, 2024 Bimba y Lola closed the first half of 2024 on a positive note. According to a brief st
By Reuters Published September 16, 2024 Amazon.com said on Monday it would require employees to return to the office five days per week, effective