Supermarket giant Asda has been hit with the biggest sales decline in its history, as like-for-like sales decreased by 7.5%.
Walmart International CEO David Cheesewright singled out Asda’s eight consecutive quarterly decline as "very disappointing" and reiterated a poor performance throughout June.
This coincided with supermarket sales dropping below £100bn for the first time since 2010 as the price war continued in the UK grocery sector.
Walmart Stores CEO Doug McMillon commented: “Our strategy to turn things around is focused on improving the retail basics. We are simplifying and strengthening our offering through improved availability and assortment discipline, reducing costs and driving sales through strategic price investments.”
He added: “While our turnaround will take time, I’m confident in the new leadership team there and want to assure you we’re addressing this with urgency.”
Cheesewright had suggested a move to “shift the balance from protecting profit to protecting share” that could have triggered the start of the price war, but the company made no mention of a change in strategy.
In July, bosses from Sainsbury’s suggested that starting a price war would not be a logical step for rival retailer Asda.
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