Asda sales drop, again!
Things aren't looking good for a lot of supermarkets, thanks to a number of them getting too greedy and far too complacent. Along came Aldi and Lidl and started stealing all their customers, leaving a lot of boardrooms shrieking and sacking people.
Well, over at Asda, things have not been going at all well and, once again, sales at the Wal-Mart supermarket fell for a fourth straight quarter. Today, they were down 4.7%, which solidifies its position as the weakest performer in the supermarket sector.
Asda, which is now tussling for second spot with the also-beleaguered Sainsbury's, trails UK market leader Tesco. The 4.7% sales drop is from the 11 weeks to June 30, its fiscal second quarter. Compared with a fall of 3.9% in the first quarter, things are bad because the previous drop was one of their worst performances.
Asda chief executive Andy Clarke said that the company has "hit its nadir", adding: "we continue to navigate a steady course through the worst storm in retail history, despite another challenging quarter."
"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," said Clarke.