Asda lays bare disastrous 2016 with pre-tax profits crashing 19%

Asda suffered a slump in both sales and profits in 2016, as the details of its full year results filed at Companies House reveal it was the weakest of the Big 4 in the UK’s supermarket wars.

The grocery giant recorded a sales drop 3.2 per cent to £21.7 billion in its full-year period ending December 31, while pre-tax profits slumped by almost 19 per cent to £791.7 million.

Like-for-like sales also took a battering at the Walmart-owned retailer, dropping by 5.7 per cent.

“The grocery market has continued to experience low growth throughout the year and competition in the sector has remained intense,” Asda said.

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