November 15, 2018 / 12:16 PM / a month ago

Asda sales rise for sixth straight quarter

LONDON, Nov 15 (Reuters) - Asda, the British supermarket arm of Walmart that has agreed to be acquired by rival Sainsbury’s, on Thursday reported a sixth straight quarter of underlying sales growth, boosted by strong sales of own label products.

Asda, the UK’s third largest grocer after market leader Tesco and No. 2 player Sainsbury’s said on Thursday like-for-like sales rose 2.0 percent in its fiscal third quarter versus a rise of 0.4 percent in the previous quarter, or a 2.6 percent increase adjusted for Easter.

The supermarket added, however, that its gross profit rate declined, reflecting price cuts. (Reporting by James Davey, Editing by Alistair Smout)

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