Asda outstrips rivals with strong growth

Asda has confirmed its position as one of the fastest-growing food retailers, according to its accounts filed at Companies House.

The Wal-Mart-owned chain, which according to TNS has overtaken Sainsbury's to be the second-biggest grocer, boosted sales and profits for the year to December 31, 2002.

Sales for Asda Group were£12.1 billion, compared with£10.7 billion the year before. Pre-tax profit was£607.8 million, up from£495.5 million.

Retail Knowledge Bank research director Robert Clark said: 'Asda is growing faster than its competition. Its growth is on the back of an increa-sing proportion of non-food sales, and they are making headway in health and beauty, clothing and electricals.'

A spokesman for Asda said: 'Sales and profit continue to grow strongly, which is testament to our people in the stores. We are not complacent and will continue to try to improve.'