ASDA is outperforming its leading supermarket rivals in the battle for customers' loyalty after reporting a 0.5 per cent increase in like-for-like sales in the second quarter.
The US-owned chain was the first of the big four to take action against the discounters by cutting its prices when it pledged in November to invest £1bn over the next five years.
Asda said its market share improved by 14 basis points in the 10 weeks to 30 June, despite the grocery market growing at its slowest pace in 10 years. Profits rose in line with sales growth while online sales rose by over 20 per cent.
Parent company Wal-mart fared less well, after cutting its profit forecast for the year, blaming higher staff healthcare costs. Like-for-like sales were flat in the second quarter.
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