In light of the cost-of-living emergency, British supermarket chain Asda reported lower like-for-like sales in the three months ending in June but claimed that sales had since increased.
Even though like-for-like sales, excluding fuel, fell 1.9% year over year in the three months ending June 30, Asda reported that they increased at the end of the quarter and have continued to grow into the following one. Fuel-exempt sales totaled 4.9 billion pounds ($5.8 billion).
The second-quarter result represented an improvement over the like-for-like sales decline of 9.2 per cent in the prior three months.
Asda, which has been owned by the Issa brothers and private equity firm TDR Capital since last year, claimed to be gaining from investments in price and quality across a variety of product categories, including produce, meat, fish, and poultry.
The business announced that it had "locked in" lower prices for an additional 160 products after chairman Stuart Rose said in June that the British government needed to do more to assist those with lower incomes in coping with the cost of living crisis.
Many Britons are struggling with skyrocketing bills as a result of inflation, which peaked at 10 per cent in July and is expected to exceed 13% later this year due primarily to soaring energy prices.
The supermarket said its customer loyalty app, Asda Rewards, now had more than 2 million users after its rollout earlier this month to all stores and online.
(Source:www.economictimes.com)
Even though like-for-like sales, excluding fuel, fell 1.9% year over year in the three months ending June 30, Asda reported that they increased at the end of the quarter and have continued to grow into the following one. Fuel-exempt sales totaled 4.9 billion pounds ($5.8 billion).
The second-quarter result represented an improvement over the like-for-like sales decline of 9.2 per cent in the prior three months.
Asda, which has been owned by the Issa brothers and private equity firm TDR Capital since last year, claimed to be gaining from investments in price and quality across a variety of product categories, including produce, meat, fish, and poultry.
The business announced that it had "locked in" lower prices for an additional 160 products after chairman Stuart Rose said in June that the British government needed to do more to assist those with lower incomes in coping with the cost of living crisis.
Many Britons are struggling with skyrocketing bills as a result of inflation, which peaked at 10 per cent in July and is expected to exceed 13% later this year due primarily to soaring energy prices.
The supermarket said its customer loyalty app, Asda Rewards, now had more than 2 million users after its rollout earlier this month to all stores and online.
(Source:www.economictimes.com)
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