- Prachi Singh |
Walmart has reported its financial returns for the first quarter to March 31, 2018 including results for Asda ahead of the latter’s merger with Sainbury’s. The supermarket chain reported like-for-like growth of 3.4 percent in the quarter. Adjusting for Easter, which fell within the first quarter of 2018, like-for-like sales grew 1 percent. Asda also reported 21.9 percent growth in George.com’s first quarter sales.
Commenting on the company’s first quarter trading, Asda President and CEO, Roger Burnley, said in a statement: “Our Q1 performance – even when adjusted for increased sales from an early Easter – represents genuine momentum with four consecutive quarters of growth. Whilst we are not complacent, we are positive about our growing momentum and excited by the opportunity that our proposed merger with Sainsbury’s PLC offers to accelerate our successful strategy and go further, faster.”
Asda achieved 8.3 percent growth in online grocery sales. During Q1, the company launched 216 company-owned brand products and further improved the quality of 140 products and also launched 29 new “free from” lines and won 19 awards for its free from products.
Commenting on Asda’s performance, Walmart President and CEO, Doug McMillon added: “We were pleased with the response of our colleagues in the UK following our announcement of the proposed merger of Asda with Sainsbury. We believe this proposed combination is good for customers and colleagues as well as shareholders. In the UK, we saw sequential improvement in the business as comp sales increased for the fourth consecutive quarter.”
Picture:Asda media gallery