Asda reports seventh quarter of year-on-year growth

oday (19th February 2019), Walmart has published its earnings returns for the final quarter of 2018 including financial results for Asda (1st October 2018 to 31st December 2018).

 

The supermarket delivered a 1.0% increase in like-for-like sales excluding petrol over the fourth quarter – the seventh consecutive quarter of positive YOY comp growth.

 

Walmart President and CEO, Doug McMillon said: “In the U.K., Brexit - and the potential implications of a hard Brexit - is increasingly on the mind of everyone. No matter the situation, Asda will always work to keep prices as low as possible for its customers, I visited our team in the UK a few weeks ago, and am really impressed with their performance, attitudes and leadership. They’re amazing.”

 

Walmart Chief Financial Officer, Brett Biggs added: “In the U.K., Asda’s progress on improving the value proposition, growing online grocery share and expanding private label penetration contributed to its seventh consecutive quarter of positive comps.”

 

Commenting on Asda’s performance, Asda President and CEO, Roger Burnley, said: “2018 was another challenging year for the retail market and the pace of change shows no sign of abating. It’s clear that retailers have to be prepared to innovate and challenge their status quo if they want to continue to remain relevant and deliver for their customers who rightly demand great value.

 

“That is why I’m pleased that our Asda strategy has continued to deliver positive momentum and the right offer for our customers. During the fourth quarter our Own Brand continued to grow ahead of the market with even more customers enjoying innovative products within our Extra Special range.

 

“I’m immensely proud of our colleagues for their hard work in 2018 to keep the business moving in the right direction and I’m delighted that once again we will be able to reward their hard work by paying all of our colleagues a bonus in spite of the challenging market we face.

 

“The year ahead looks no less turbulent than the last, with uncertainties around Brexit playing on our customers’ minds. Whilst I am pleased with our performance in 2018 we must remain focussed on ensuring the long term sustainable success of Asda for our customers.”