Published Date:
15 May 2009
SUPERMARKET Asda yesterday unveiled better-than-expected sales and profits in the first quarter as it successfully lured in shoppers with promises of cheap food and clothing.
Asda said like-for-like sales grew 8.4 per cent in the first quarter, when petrol, the effects of a late Easter and the impact of a leap year in 2008 were excluded and added that it had won market share from all of its competitors.
The update came as parent company Wal-Mart Stores reported a flat first-quarter profit yesterday as its low prices attracted shoppers but it also suffered from the strength of the US dollar.
For the current quarter, the world's largest retailer forecast results roughly in line with Wall Street expectations as it faces tough comparisons with a year ago.
But Wal-Mart predicted it would continue to gain market share as customers changed shopping patterns to focus on value in the slowdown.
The full article contains 166 words and appears in The Scotsman newspaper.
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Last Updated:
14 May 2009 8:28 PM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Supermarkets
