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Sales and profits fell at supermarket Asda in 2016 according to newly-filed accounts today.
The Walmart-owned supermarket filed the accounts at Companies House show that of the four big supermarket players Asda is suffering the most from the rise of discount stores Aldi and Lidl.
Statutory accounts for Asda Group Limited, showed an underlying operating profit of £1.08bn in 2016, down from £1.22bn in 2015.
Like-for-like sales were down 5.7 per cent, while revenue fell 3.2 per cent to £21.7bn.
Asda has previously said it was too slow in responding to the competition and repositioning itself within the market.
The company said: “The grocery market has continued to experience low growth throughout the year and competition in the sector has remained intense. Our sales performance, relative to the market, was behind our expectations.”
However, in the last quarter of 2016, we saw an improvement following the changes made to our ranges and investment in price and service,” said Chief Financial Officer Alex Russo.