Cut-throat competition and plunging prices have landed Asda with its worst quarterly sales ever.
The challenge from discount upstarts Aldi and Lidl, as well as food price deflation, sparked a 7.5% fall in second-quarter sales - the eighth quarterly dip in a row.
Asda has launched a PS1.5billion price-cutting drive and a product overhaul. In January, it unveiled plans to axe hundreds of UK jobs, mainly hitting its Leeds head office, which employs 3,000 people.
Doug McMillon, boss of Asda owner Walmart, said: "In the UK the competitive environment and food deflation continued to challenge the market.
"We're simplifying and strengthening our offer through improved availability, reducing costs and driving sales through strategic price investments."
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|Title Annotation:||Features; Opinion Column|
|Publication:||The Mirror (London, England)|
|Date:||Aug 19, 2016|
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