Asda says sales growth slowing

ASDA has reported a slowdown in sales growth during the third quarter, but insisted it had turned in a “solid” performance in the face of tough trading conditions.

The UK’s second-largest supermarket, which is owned by US retail giant Walmart, said like-for-like sales in the 13 weeks to 29 September were 0.3 per cent higher than same period last year. That compared with year-on-year growth of 0.7 per cent in the second quarter.

Doug McMillon, chief executive of Walmart International, said: “The UK had a solid third quarter in a very challenging market. As others have reported, UK consumers remain hard-pressed economically.”

Walmart – the world’s largest retailer – said overall third-quarter sales rose 3.4 per cent to $113.2 billion (£71.5bn).