Ahead Of Sainsbury's Takeover, Asda Says Results Are On Track
Asda, the British supermarket arm of Walmart that is set to be acquired by Sainsbury's, posted a 13% fall in profit in 2017, a performance which it said was in line with expectations and showed its recovery was on track.
Sainsbury's and Asda announced plans to combine in April in a deal which will see Britain's no.2 and no.3 supermarkets respectively overtake Tesco as Britain's biggest supermarket group.
The deal comes just as a turnaround plan for Asda gains momentum, with Asda saying it returned to underlying sales growth in 2017, posting sales up 0.5 percent, a big improvement on the 5.7% fall it reported last year.
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