Asda boss shrugs off plunging sales and vows to press ahead with price war
The boss of Asda shrugged off tumbling sales as he cranked up a price war, and said he doesn't care about market share.
Executive chairman Allan Leighton said his mission was seeing 'green shoots' after it slashed the price of thousands of products and improved stocks.
Sales at the beleaguered supermarket chain, whose George at Asda fashion range is modelled by Yasmin Le Bon, plunged 5.9 per cent to £5billion for the three months to March 31.
The news came a day after industry data from market researchers Kantar showed Asda's share of the market fell to 12.1 per cent – its lowest on record going back to 2011.
But retail veteran Leighton, 72, said: 'Market share today means nothing to me. We're in a turnaround situation, restoring a business to an enduring proposition.
'That will take time. We're building a business for the future, not for the next five weeks.'
He blamed the decline on a lack of price competitiveness and having 'had the worst availability in the industry'.
But 'real progress' had been made since he became chairman in November, and it now has the 'best pricing position'.
The grocer aims to be 7-10 per cent cheaper than rivals within the next year.
Asda's market share has shrunk since its takeover four years ago by private equity firm TDR and the billionaire Issa brothers.
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