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UK's Asda says fourth-quarter underlying sales fall 2.9 pct
February 21, 2017 / 12:15 PM / 7 months ago

UK's Asda says fourth-quarter underlying sales fall 2.9 pct

LONDON, Feb 21 (Reuters) - Asda, the British supermarket arm of Wal-Mart, the world’s largest retailer, reported on Tuesday a tenth straight quarter of falling underlying sales, though the rate of decline did ease significantly.

The UK’s third largest grocer, which brought in a new chief executive last July in an attempt to revive its fortunes, said sales at stores open over a year fell 2.9 percent in the three months to Dec. 31, its fiscal fourth quarter.

That compared to analysts’ forecasts of a fall of 2-3 percent and declines of 5.8 percent and 7.5 percent in the previous two quarters respectively.

Asda said it was encouraged by signs of improvement in the business. (Reporting by James Davey; editing by Kate Holton)

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