Supermarket struggles continue
Asda has seen its worst quarterly performance on record as sales drop 7.5% in the past three months.
A “competitive environment” was blamed for the fall in numbers.
In a bid to attraact customers, the supermarket chain is relying on £1.5bn of price reductions over five years.
“Our strategy to turn things around is focused on improving the retail basics,” McMillon said.
“While our turnaround will take time, I’m confident in the new leadership team there and want to assure you we’re addressing this with urgency.”
Greg Bromley from Verdict Retail said: “This time last year, ex-chief executive Andy Clarke talked about Asda’s sales decline hitting a nadir – unfortunately today’s results represent a new nadir, with the scale of the problems facing the grocer becoming ever more severe.
“If Asda has been waiting to push the button on its latest wave of price cuts, the time must be now, especially as a more uncertain post-Brexit consumer becomes ever more price sensitive,” he added.