Asda suffers worst slump in 50 years

Asda said it had hit a “nadir” as it reported a deepening decline in sales - with a like-for-like quarterly fall of 4.7% that was the worst in its 50-year history.

It was the fourth quarter in a row of falls for the Leeds-based supermarket, owned by US giant Walmart, and comes after sales fell 3.9% in the previous period – already the worst in more than two decades.