UK: Asda reveals George clothing continues to do well
Asda said the George brand continues to perform well
Supermarket retailer Asda has said its George clothing brand continues to perform well as it revealed an increase in group like-for-like sales.
The UK arm of Wal-Mart Stores this week said sales grew 0.5% on a like-for-like basis in the ten weeks ended 30 June. In "continuing challenging trading conditions", the retailer said it also managed to increase its market share year-on-year by 14 bps.
Speaking at a briefing in London, CEO Andy Clarke said the structural changes in the retail market continue to present "tough challenges", but said Asda had been quick to recognise those taking place in the UK market and in November set out a five-year strategy to redefine value retailing.
In non-food, Asda said the George brand continues to perform well and is now the second largest clothing brand in the UK in terms of sales volume. The retailer has continued to explore new ways to extend the brand in the past 12 months has launched George Home range, which has delivered double-digit growth in the quarter.
Clarke said Asda is also making "good progress" on its ambition to lead online, with market share having increased to 18.4%.
Asda opened three superstores and two supermarkets during the quarter. Five new sites were also acquired from the Co-op. Clarke confirmed it will continue to innovate its existing space and plans to roll out 86 remodels and 87 refurbishment projects across its estate in 2015.
"I am pleased with our performance in the quarter and our business has shown that it is well positioned to meet the demands of a challenging market," Clarke said. "However, I've been in this business for too long to measure success by quarters and we remain on a long term journey."
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