Asda has posted a 7.5 per cent fall in sales for the second quarter of 2016 – its eighth consecutive slide in quarter results.
The results, for the three months ending 30 June 2016, followed fierce competition and food deflation in the UK market, parent company Walmart said.
The retailer said it “remains committed” to its previously announced five-year price investment of £1.5 billion, while UK management is focusing on retail basics through ‘Project Renewal’.
Walmart chief executive Doug McMillon said: “We are simplifying and strengthening our offering through improved availability and assortment discipline, reducing costs and driving sales through strategic price investments.
“While our turn-around will take time, I’m confident in the new leadership team there and want to assure you we’re addressing this with urgency.”
Chief financial officer Brett Biggs said Asda will 'drive sales through strategic price investments where we remain committed to the previously announced five year £1.5bn price investment.'
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