Asda like-for-likes up 1.3% in Q3

Footfall declined by 1.3% while average transaction value increased 2.6%.

Asda opened a record number of stores in the quarter, opening 83, which included 77 Netto conversions, bringing Asda’s total to 542 stores.

Asda said its online business “continued to grow strongly in the third quarter”.

Parent Walmart’s International arm  - which includes Asda – saw a 20% increase in net sales to $32.4nm (£20.1bn) for the quarter.

Net income for Walmart International grew 14.2% to $1.4bn (£900bn).

Walmart president and chief executive of international Doug McMillon said that sales and profits at Asda’s converted Netto stores are “exceeding our expectations”.

McMillon said: “In the UK, Asda had a solid third quarter, growing sales and growing operating income faster than sales, excluding fuel.

“The UK grocery market is entering into what is traditionally a heavy promotional period in time for Christmas.

“Asda however, continues with a very simple promise to customers - our prices are 10% cheaper than the competition on comparable baskets, or we’ll give you the difference.

“To deliver cost savings, sustainable productivity programs are embedded in our operations, which help fund lower prices for customers.

“Asda’s customers are asking for great quality at great prices, so Asda is extending its private brand ranges.”

Walmart net sales for the third quarter were up 8.2% to $109.5 billion (£69.1bn).