Asda sales growth accelerates in latest quarter
British supermarket group Asda on Thursday reported an acceleration in underlying sales growth in its latest quarter and said Walmart (WMT.N)was paid nearly 3 billion pounds ($4.3 billion) in dividends before selling most of the business.
Shoppers walk past the UK supermarket Asda, in Leeds, Britain, October 19, 2020. REUTERS/Molly DarlingtonBritish supermarket group Asda on Thursday reported an acceleration in underlying sales growth in its latest quarter and said Walmart(WMT.N)was paid nearly 3 billion pounds ($4.3 billion) in dividends before selling most of the business.
Zuber and Mohsin Issa and private equity group TDR Capital completed their purchase of a majority stake in Asda from Walmart in February in a deal valuing the chain at 6.8 billion pounds.The transaction, which sees Walmart retain a minority stake, is still subject to final regulatory approval by Britain's competition regulator.
Asda said like-for-like sales, excluding fuel, rose 7.3% year-on-year in its first quarter to March 31, versus growth of 5.1% in the previous quarter.read moreThe growth was driven by non-food categories and online shopping during a third period of national lockdown measures to stem the COVID-19 pandemic, which included the closure of non-essential shops. headtopics.com
Like-for-like clothing sales increased by 31% and general merchandise sales by 39%, with a rise in demand for outdoor furniture, BBQs and garden accessories. Total digital sales rose 88%. Read more: Reuters Top News »
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