×
75 171
Fashion Jobs
URBN
Urban Outfitters Visual Merchandising Manager
Permanent · TAMPA
BANANA REPUBLIC
General Manager - Corte Madera (Flagship Store)
Permanent · Corte Madera
GAP
Assistant Manager, Customer Operations - Los Cerritos Center
Permanent · Cerritos
MACY'S
sr. Manager, Maintenance
Permanent · North Jackson
MACY'S
Asset Protection Detective, Security Square - Full Time
Permanent · Baltimore
MACY'S
Asset Protection Security Guard, Southland - Standard Part Time
Permanent · Cutler Bay
MACY'S
sr. Manager, Sales And Customer Experience
Permanent · Boston
MACY'S
Asset Protection Officer, Secaucus D2C fj - Full Time (2840)
Permanent · Secaucus
MACY'S
Manager, Style Merchandise Execution
Permanent · West Orange
MACY'S
Manager, Merchandise Execution
Permanent · Chicago
MARC JACOB'S
Sales Supervisor
Permanent · Scottsdale
OLD NAVY
Assistant Manager, Customer Operations - Outlets of Little Rock
Permanent · Little Rock
OLD NAVY
General Manager - The Columns
Permanent · Jackson
OLD NAVY
Assistant General Manager, Merchandising - Northwest Promenade
Permanent · Bakersfield
ESTEE LAUDER
Senior Project Manager
Permanent · Queens
MICHAEL KORS
Part Time Sales Supervisor, Jeffersonville Ohio
Permanent · Jeffersonville
ASCENA
g1614 - General Manager-Ann
Permanent · New York
ASCENA
ft Assistant Manager @ Ann Taylor: Town & Country Village
Permanent · Houston
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Columbus
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Marysville
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Louisville
KOHLS
Full-Time Loss Prevention Supervisor
Permanent · Sunset Valley
By
Reuters
Published
May 20, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Asda gets Q1 sales boost, CEO expects resumption of stake sale talks when Walmart ready

By
Reuters
Published
May 20, 2020

British supermarket group Asda got a sales boost in the first quarter from consumers stocking up before the coronavirus lockdown but it also highlighted that 90% of its shoppers now fear an economic depression.


George at Asda


The company, whose attempt to combine with rival Sainsbury’s was blocked by the regulator last year, said on Tuesday its like-for-like sales, excluding petrol, increased 3.5% in the quarter to March 31, having fallen 1.3% in the previous quarter.

Asda, owned by the world’s biggest retailer Walmart, said growth in food was partially offset by weaker demand for clothing and it also faced incremental costs related to the pandemic, such as for 22,000 temporary workers, staff bonuses and safety equipment.

The group’s gross profit rate and its operating income both decreased in the period.
CEO Roger Burnley said customers had moved on from initial worries about the virus to more longer term concerns about the implications of the lockdown on their family’s wellbeing and finances.

“Our latest income tracker data shows that household incomes declined 0.6% in March, the first drop since 2017 and 90% of customers told us they are worried about a depression in the economy,” he said.

A depression is a severe and prolonged economic slump that self-perpetuates as households and companies cut spending causing more damage to the economy.

Asda is the last of Britain’s big four grocers to report on the first quarter.

Market leader Tesco has estimated a costs hit from the crisis of up to 925 million pounds ($1.13 billion), while Sainsbury’s warned the profit impact could be more than 500 million pounds. The fourth biggest player Morrisons has estimated additional costs of about 230 million pounds.

After the failure of the Sainsbury’s deal, Walmart said it was considering a stock market listing for Asda. In February Walmart said it was in talks with possible buyers of a majority stake in the group.

On Tuesday, the boss of Asda said talks between Walmart and possible buyers of a majority stake in its British supermarket Asda will likely resume when the industry settles into a “new norm” with the worst of the coronavirus crisis behind it.

Last month Walmart, the world’s biggest retailer, put talks on the possible sale of a big stake in Asda on hold so management could focus on dealing with the impact of the pandemic.

“There’s every possibility they will resume at a point in time but only when Walmart feel that is right,” Burnley told Reuters.

“There’s no reason for that not to come back on the table at the appropriate time when it feels like...we have a new norm and we’re able to embrace that,” he said, adding: “I don’t think at all that interest would have waned.”

© Thomson Reuters 2022 All rights reserved.