Asda sales jump during lockdown but profits dip
Asda has posted an increase in revenues during the first quarter of parent company Walmart’s financial year, driven by increased grocery sales during the coronavirus crisis.
The supermarket giant registered a 3.5% uplift in like-for-like sales during the three months to March 31, with net sales up 2.7%.
Although the number of transactions fell 3.4%, Asda’s average basket value jumped 6.9% year on year as shoppers stocked up during lockdown.
Walmart said “higher growth in food and consumables” during the period was “partially offset” by reduced demand for Asda’s George clothing proposition.
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