Asda boss Andy Clarke has signalled it is considering the future of its Price Guarantee scheme as he looks to revive falling sales at the grocer.

Asda chief executive Andy Clarke told journalists today that its Price Guarantee initiative is “under review”.

He added: “Our investment should be in pure price on shelf and that will give confidence to the customer that what you see is what you pay, rather than have to jump through hurdles to see the price you could have paid.”

Asda’s current guarantee on price means that if a shopper’s basket is not 10% cheaper than Tesco, Sainsbury’s, Morrisons or Waitrose on comparable goods, then it will refund the difference.

Clarke said some rivals were using “gimmicks” on pricing and called rival Tesco’s new Brand Guarantee “complicated”.

Clarke remains under pressure after today reporting a 4.5% fall in third-quarter like-for-likes.

He is attempting to revive the business through a new strategy, partly investing in refurbishing 95 of its large stores. Clarke also revealed plans today to cuts its range in store by around 10%.

Black Friday

The Asda boss signalled that he expects other retailers to follow its lead by abandoning Black Friday in future.

Retail Week revealed earlier this month that Asda is stepping away from the event, which the grocery giant later confirmed. Instead it plans to invest £26m in slashing the price of seasonal goods.

Clarke said: “I think it will be interesting to see how many continue it [Black Friday] next year. I suggest probably less.”

He admitted Asda had some “massive challenges” in handling the volumes of the sales phenomenon, which originated in the US.

Asked whether it would ever revive the event, Clarke said: “Black Friday in its current guise has gone.”