Asda revenues fall 2.2% in Q2

Asda has revealed that its total revenues fell 2.2% excluding fuel, to £5.3bn for the three months ended 30 June 2024 with like-for-like sales 5.3% lower.

Despite this, Asda delivered total revenue growth, excl. fuel, of 2% in H1, with a 2.1% decline in LFL sales.

The supermarket also increased online grocery sales, which now account for 18% of its total food revenue, by 1.4% in Q2.

George grew its online revenues by 3.9% in Q2 and it also delivered a record start to its back-to-school campaign with store sales up 88% in the first two weeks of the campaign.

In Q2, the supermarket started a £50m store upgrade programme to improve the customer experience across 171 stores.

Asda is also investing an additional £30m in staff hours to improve the replenishment of stock during opening hours in store and increase the number of staff on checkouts at the weekend.

Mohsin Issa, co-owner, said: “These results highlight a period of robust online performance and a record start to George’s Back-to-School campaign. Despite a challenging retail environment, George.com sales rose by 3.9% and online grocery sales increased by 1.4%, underscoring our steadfast commitment to delivering quality and value to our customers. Asda Rewards continues to go from strength-to-strength and now accounts for 52% participation in all transactions.

“As we move forward, we remain committed to maintaining our value credentials, enhancing the product offer, and executing our long-term growth strategy to build an even stronger Asda for our customers and communities.”