Asda reports £5.4bn revenue after lowering the price of 600 products
UK retailer Asda has reported its Q3 trading performance for the last three months to September 2023. The supermarket reported revenues of £5.4 billion.
Within the report, Asda said that like-for-like food sales increased by 3.2% during Q3 compared to 2022, with the retailer attributing the sales to the “strong performance” of its Just Essentials value range. In its second year since launch, sales were up 21% year-on-year.
After running two price drop campaigns, over 600 products were lower in price by an average of 10%, with Asda investing a total of £130 million into lowering product prices. At the same time, the supermarket gave £73 million back to customers through its Asda Rewards loyalty scheme in Q3.
It launched 275 new festive lines, including products such as the Extra Special Norfolk Bronze turkey crown with pork, sage and caramelised onion and the Extra Special Jewelled Topped Christmas Pudding.
Making savings over the Christmas period
Mohsin Issa, Asda’s co-owner, said: “Despite inflation easing slightly, we know that many families are still struggling, as disposable income for the average household is 10% down compared to two years ago.
“Throughout the quarter we have been focused on helping customers save money whenever they shop with us, and this remains our key focus. This means keeping prices low on the products they buy the most, putting money back in their pockets via the Asda Rewards app and passing on savings whenever there is an opportunity to do so.”
Asda has also announced that it will donate the equivalent of one million meals over the festive season after expanding its partnership with FareShare.
The supermarket said it was focused on “making Christmas affordable for all customers” and launched a frozen Christmas dinner for six that costs £25, working out at £4.17 per head and all the products featured are cheaper than last year by an average of 8%.
Issa said: “Whether it’s through our continued focus on offering the best prices to our customers or campaigns like £1 café meals for kids and over 65s – we’re committed to supporting families through the cost-of-living crisis.
“We’re incredibly proud to build on our longstanding relationship with FareShare and work across Asda and IPL to identify surplus food within our supply chain to provide a million additional meals in the run up to Christmas.”