Asda Q3 Financial Earnings

Today Walmart has announced its Financial Earnings for the third quarter to 30th September 2016, confirming Asda’s sales declined 5.8% in the period excluding petrol. The figures show an improvement in the supermarket’s performance on the previous quarter, which was (7.5%)

Speaking about Asda’s performance in the quarterly update to analysts Walmart Chief Financial Officer Brett Biggs commented; "Turning to the U.K., net sales declined 3.8 percent and comp sales declined 5.8 percent in the third quarter. The key priority remains driving an improved customer experience and building sales momentum by simplifying the offer, improving product availability and making strategic investments in service and price.“

Sean Clarke, who took on the role of Asda CEO in July 2016, commented; “Putting customers first and foremost is at the heart of our business. We have lowered thousands of prices, improved hundreds of own brand products and invested in more hours for colleagues on the shop floor - so it’s encouraging to see more customers shopping with us in stores and online.

“It is equally encouraging to see our commitments to quality and price recognised by the wider industry. Our own label products have won record numbers of awards, including the Quality Food and Drink awards ‘Retailer of the Year’, while Which? found Asda to have the lowest prices on brands for the seventh month in a row.

“We are proud to offer customers some of the best food, drinks, clothing and home wares this Christmas to make their festive season even better.”

To read the breakdown of the Walmart earnings in more detail click here http://corporate.walmart.com/earningsreport