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| Asda sales drop continues to slow in fourth quarter | |
| (35 minutes later) | |
| Supermarket giant Asda has finished its year by reporting another drop in quarterly sales. | Supermarket giant Asda has finished its year by reporting another drop in quarterly sales. |
| However, this was not as sharp a fall as in previous quarters. | However, this was not as sharp a fall as in previous quarters. |
| Sales excluding fuel at stores open for more than a year fell 2.9% in the fourth quarter. | Sales excluding fuel at stores open for more than a year fell 2.9% in the fourth quarter. |
| That was better than the 5.8% slide in the third quarter, and a significant improvement on the 7.5% slide reported by the supermarket for the three months to June. | That was better than the 5.8% slide in the third quarter, and a significant improvement on the 7.5% slide reported by the supermarket for the three months to June. |
| Asda, which is owned by Walmart, the US retail giant, has battled to retain its place in a fiercely competitive market with more store openings from German discounters Lidl and Aldi. | Asda, which is owned by Walmart, the US retail giant, has battled to retain its place in a fiercely competitive market with more store openings from German discounters Lidl and Aldi. |
| Walmart chief executive Doug McMillon said: "In the UK, we faced some challenges this past year and we're addressing this with urgency. | Walmart chief executive Doug McMillon said: "In the UK, we faced some challenges this past year and we're addressing this with urgency. |
| "I'm glad store sales improved during the fourth quarter, but we have a lot of work to do." | "I'm glad store sales improved during the fourth quarter, but we have a lot of work to do." |
| Asda chief executive Sean Clarke said the supermarket had gained more than 140,000 customers in the fourth quarter. | Asda chief executive Sean Clarke said the supermarket had gained more than 140,000 customers in the fourth quarter. |
| He added that Asda had "sharpened" its prices and focused on its ranges and the availability of its products. | He added that Asda had "sharpened" its prices and focused on its ranges and the availability of its products. |
| Mr Clarke was brought in as chief executive in July last year as part of an attempt to revive the supermarket's fortunes. | Mr Clarke was brought in as chief executive in July last year as part of an attempt to revive the supermarket's fortunes. |
| In June, Walmart had said Asda would shift from protecting profit to protecting market share. | In June, Walmart had said Asda would shift from protecting profit to protecting market share. |
| Walmart US sales rise | Walmart US sales rise |
| Meanwhile, Walmart reported higher-than-expected US sales after a 29% boost to online sales and more people coming to its stores. | Meanwhile, Walmart reported higher-than-expected US sales after a 29% boost to online sales and more people coming to its stores. |
| Its shares rose more than 3% in pre-market trading. | Its shares rose more than 3% in pre-market trading. |
| US comparable sales excluding fuel rose 1.8%, beating analyst estimates of 1.3%. | US comparable sales excluding fuel rose 1.8%, beating analyst estimates of 1.3%. |
| US net sales rose 2.8%. However, Walmart International net sales dropped 5.1% after currency fluctuations. | US net sales rose 2.8%. However, Walmart International net sales dropped 5.1% after currency fluctuations. |