Asda profits down 13%
UK supermarket Asda has reported an operating profit of £735.4m for the year ended 31 December 2017, which was 13% down on 2016.
In a statement issued today (31 May), Asda said that this was “in line by expectations” and “driven by planned strategic investments in price, quality and service”.
Like-for-like sales, however, were up 0.5%.
Commenting on the results, Asda President and CEO, Roger Burnley, said: “Our 2017 accounts reflect a solid performance and a strong, well-managed business. During the year momentum returned driven by a series of planned investments in lowering prices, further improving quality and innovation in our Own Brand ranges and providing an even better shopping experience whether in store or online.
“Our customers have responded well to this strategy and the momentum of 2017 has continued into the first quarter of 2018.”