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Asda sales boosted by almost £1bn

Sales at Asda rose by almost £1 billion for the year to December 31 2006.

According to annual results filed at Companies House and reported in The Sunday Telegraph newspaper this weekend, market share at the retailer rose from 10.6% to 10.8% for the period.

In the year to December 31 2006, the Wal-Mart owned supermarket group saw sales increase to £15.7 billion, up from £14.8 bn the year before in what was described as a "recovery year" under chief executive Andy Bond.

Pre-tax profit rose from £572m to £593m and operating profit increased by £17.1m

Following Bond's appointment in 2005, he set about revitalising the chain through a series of initiatives including boosting the supermarket's clothing offer, opening new stores and testing new formats.

The company said in a statement in the accounts: “2006 was a year of recovery for the group. The improvement in the performance during the year was a result of executing a customer focused strategy.”

However, profits have yet to recovery to the buoyant levels seen in 2004, the year before Bond was hired when the group reported a £629m pre-tax profit.

Readers' comments (2)

  • Surely the first sentence is wrong?! Profits haven't gone up by £1billion

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  • Could this explain why most Brits are now seen as the worst dressed in Europe?

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