ASDA Stores Ltd - Asda unveils its fourth quarter/full year strategy
STRICTLY EMBARGOED UNTIL
Asda unveils its fourth quarter and full year strategy update and announces
Asda today unveiled its fourth quarter and full year financial results for 2014, posting a 1% fall in like-for-like sales for the year to 31st December and a 2.6% fall in the 12 weeks to 4th January, in a quarter when the retail market as a whole slowed significantly[i].
Speaking at an event in
At the same time as recognising the challenging market backdrop, the Asda CEO and CFO
· 15 separate fuel price cuts since
· Opening 17 new stores, unveiled its new format proposition at its Grantham superstores and announced eight further 'store of the future' remodels for 2015.
· Opening 200 new Click and Collect sites, taking the total to 600 by the end of 2014 - more than half way to Asda's 2018 target of 1,000. Asda also more than doubled the number of Click and Collect points it has in London Underground stations since
Commenting on the year, Clarke said; "2014 saw an acceleration in the structural shift in the market and whilst we saw it brewing and put the right plan in place to address it - delivering solid wins for our business and keeping the ship steady in a turbulent market, the pace and scale of change has exceeded all expectations.
"The first year of our plan was very much about building the foundations -a work out to limber us up for what is to come in 2015 - by leading the price agenda in a deflationary market. We have a clear plan for sustainable, profitable growth and creates a proposition that gives customers what they want.
"I'm pleased that we can announce our continued investment in the
Expanding on plans to invest £600 million into creating new stores and improving existing ones as part of its strategy to redefine value retailing in the
· 17 new store openings in 2015 including 3 supermarkets in
· 62 stores will undergo a major remodel to reflect changing shopper habits
· More than 150 new remote Click and Collect sites will be created
· 36 new petrol stations will also open this year
Reiterating its strong relationship with parent company
In what Clarke called "a massive recognition of the contribution, knowledge and experience that sit in our teams in the
This will see IPL -
[i] Nielsen, twelve weeks to
This information is provided by RNS
Quick facts: Walmart Inc
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE