By Ian Walker
LONDON--Asda, the U.K. arm of Wal-Mart Stores Inc. (WMT)
Thursday reported a 1.6% fall in same-store sales in the third
quarter, reflecting the challenging market environment, and said it
expects another "tough" quarter ahead.
Chief Executive Andy Clarke said Asda's five-year strategy to
'redefine value retailing' continues apace.
"When I launched our strategy a year ago I said that the market
was beginning to polarize between the premium retailers and the
discounters--and the traditional players would be squeezed. Asda
has begun to step away from the 'big four' and outperform its
traditional competitors," Mr. Clarke said.
"We have more to do on the discounters--but we continue to close
the gap on price and offer ten times the range across stores and
online," he added.
Referencing the increase in offers and gimmicks launched in the
last quarter, Mr. Clarke was firm in his commitment to Asda's
longstanding 'everyday low price' strategy.
-Write to Ian Walker at ian.walker@wsj.com;
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