RETAIL UPDATE: Asda beats full year sales plan

Britain's second biggest supermarket chain, Asda has reported another strong sales performance in the fourth quarter of 2008, achieving like-for-like growth of 7.2 per cent (excluding petrol).

This figure was up from 6.9 per cent in Q3, six per cent in Q2 and five per cent in Q1.

A combination of increased customer numbers and highest basket spend, driven by its commitment to everyday low prices, saw Asda beat both its sales and profit plan for the full year. Comp sales growth for the full year was 6.5 per cent (excluding petrol).

"2008 was yet another vintage year for Asda as we out-performed both our sales and profit plan, and grew our market share to its highest ever level," said president and CEO Andy Bond.

"As a result of our price leadership we have continued our momentum and accelerated into 2009. The introduction of market leading, permanent deals on a range of everyday essentials have struck a chord with shoppers. We are also attracting an increasing number of customers across the UK, in particular from the South East, as they seek out real value."