ASDA Q4 FINANCIAL EARNINGS
21 February 2017
Today Walmart has announced its Financial Earnings for the fourth quarter to 31 December 2016, confirming Asda’s comp sales declined 2.9% in the period excluding petrol. The figures show an improvement in the supermarket’s performance on the previous quarter, in which comp sales declined 5.8%.
Speaking about Asda’s performance in the quarterly earnings update to analysts Walmart President and CEO, Doug McMillon, said: “In the UK, we faced some challenges this past year and we’re addressing this with urgency. I’m glad comp store sales improved during the fourth quarter, but we have a lot of work to do.”
Walmart Chief Financial Officer, Brett Biggs, also commented: “Turning to the UK, net sales declined 0.6 percent and comp sales declined 2.9 percent in the quarter. We have a lot of work to do in this market, but we’re encouraged by some early signs of traction with improvements in the customer value proposition.”
Asda President and CEO, Sean Clarke, said: “We are encouraged by the early signs of our customers responding positively to the hard work that’s been happening in our stores throughout 2016, which saw us welcome over 140,000 customers back to Asda this last quarter. We are putting customers first and have sharpened our prices, improved our ranges and availability, all with friendly service. While we have a lot to do, it is great to see our colleagues, who really make the difference, engaged in this change in doing what’s right for customers.”
To access the full Walmart Q4 earnings presentation, click here: http://news.walmart.com/events/fy2017-q4-earnings-release