Asda has reported a rise in annual profits as improvement initiatives at the Walmart-owned grocer bore fruit.
Statutory accounts for Asda Groupâs last financial year showed operating profit up 9.2% to ÂŁ803.2m on sales 3.1% ahead to ÂŁ22.92bn.
Like-for-likes, excluding fuel and VAT, advanced 1.6% in the period to December 31, 2018, when net cashflow from operating activities was ÂŁ1.29bn.
The figures cover the performance of Asdaâs stores, distribution centres and online operations including food, clothing and general merchandise.
Asda, which parent Walmart may float after the collapse of a planned merger with Sainsburyâs, said growth had been driven âthrough a continued focus on targeted price investments, further development in own-brand product quality and range and improved availability, particularly in freshâ.
The grocer reported that online sales rose ahead of the market over the year, âfollowing developments to the website, mobile and tablet appsâ.
The new year has been tougher for Asda and the grocery retail industry more widely and last month Asda reported a 0.3% slip in like-for-likes in the first half of 2019.
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