Asda has announced a jump in profits of 10.4 per cent on last year, and attributes the rise to its ongoing push on non-foods.
The company, owned by US retail giant Wal-Mart, reported a profit of £670.8 million in the year ending January 2004, up from £607.8m the previous year.
According to documents filed at company house, sales rose by 10 per cent to £13 billion. However, the retailer’s sales growth lagged behind that of its parent company which recorded a 12 per cent growth in the same period.
Asda, which is now flying ahead of Sainsbury’s, attributed the growth to its new non-food initiatives, such as photo-kiosks, pharmacy and jewellery.