British supermarket chain Asda has reported total revenues of £5.2bn ($6.1bn), excluding fuel, for the third quarter (Q3) of fiscal 2022 (FY22).
The figure represents the retailer’s strongest quarterly revenue performance since the first quarter (Q1) of fiscal 2021 (FY21).
During the quarter, Asda’s Q3 like-for-like sales grew by 4.7% from the same period of FY21.
The retailer launched 141 ‘budget-friendly’ Just Essentials products, including cupboard staples such as rice, pasta, tinned tomatoes and tuna, taking the total number of products in the range to 270.
Asda also aims to keep prices low across 250 staple products until the end of this year with its ‘Dropped & Locked’ price freeze initiative.
In addition, the retailer has replenished its bakery, meat, fish and poultry categories, adding more than 100 new lines.
This has resulted in 15.5% and 6.4% year-on-year growths in sales of bakery products and meat, fish and poultry products respectively.
Asda co-owner Mohsin Issa said: “The financial pressures on families across the UK are worsening and they are looking to us for help.
“Asda has a long-standing reputation for providing customers with outstanding value and it’s more important than ever that we deliver on this for them.
“We’re absolutely committed to ensuring that Asda remains the best value traditional supermarket – while introducing new value initiatives such as Asda Rewards that can make an immediate difference to customer budgets.”
As part of its strategy to enter the convenience retail market, Asda opened its first standalone ‘Asda Express’ convenience store in the UK last week.
Earlier this month, the retailer bought more than 100 grocery retail sites and their petrol stations from Co-op for £611m.
Issa added: “Although we have more than 600 stores across the UK, there are still many communities that don’t have an Asda nearby.
“We want to change this and bring Asda’s great products and value to even more people through these new stores.”