Asda crosses £1bn profit threshold

Supermarket chain Asda has revealed that its profits reached more than £1 billion for the first time last year despite falling sales and market share.

Asda's profits have topped £1bn for the first time. Picture: Lisa Ferguson

Operating profit rose by 1.9 per cent to hit £1.01bn, but like-for-like sales dropped by 1 per cent and its UK market share dipped to 17.1 per cent, from 17.2 per cent a year earlier.

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Figures released by industry researcher Kantar Worldpanel last month showed that Asda, the UK’s second-biggest grocer behind Tesco, saw sales fall 2.9 per cent in the 12 weeks ending 13 September compared with the same period a year ago.