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Asda 'on the right track' despite like for-like sales drop

Allowing for a leap year and a late Easter there had been a sequential improvement in the underlying business
picture of Asda store
LfL sales dropped by 2.8%

Asda saw first quarter like-for-like sales drop by 2.8% excluding petrol, parent Wal-Mart Stores Inc (NYSE:WMT) revealed today.

Brett Biggs, Wal-Mart’s chief financial officer, said business was improving at the supermarket even so and overall sales had risen by 0.9%.

Allowing for a leap year and a late Easter there had been a sequential improvement in the underlying business, including customer traffic and prices he said.

“We're confident we're on the right track," he said.

Wal-Mart’s comparable sales rose 1.4% for the fiscal first quarter due to a 1.5% rise in foot traffic and booming online sales.

Asda is the UK’s third largest supermarket chain behind Tesco and Sainsbury’s.

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