Asda has posted a record 4.7% fall in like-for-like second quarter sales amid the “worst storm in retail history,” according to CEO Andy Clarke.
The sales results for the 11 weeks to 30 June were the worst in its history, with Asda the worst performer of the top 10 supermarkets over a similar period (Nielsen).
Clarke said he was committed to the remaining three years of his five-year strategy, describing the figures as “disappointing, but a short-term picture”.
“We continue to navigate a steady course through the worst storm in retail history, despite another challenging quarter,” he said.
“Predicting that 2015 was going to be a volatile year I didn’t expect to report a positive sales figure, but I’m not distracted by the short-term picture. We have an enviably stable business with balanced books and the right strategy to return us to sales growth.”
In November 2013, Asda set out its six strategic priorities to redefine value retailing in the UK over five years. The strategy centres on improving the core business; extending Asda’s reach; and expanding the brand into new markets.
The retailer aims to achieve this by investing £1bn in lowering prices and £250m in quality, style and design, and giving more people the opportunity to shop with Asda through the physical development of stores and Click and Collect locations.