Retail giant Asda has reported its best quarterly performance since Q1 2024.

In its Q2 trading for the period ending 30 June, the business recorded its fourth consecutive quarter of improved like-for-like (LFL) sales.

In a statement, Asda said its “continued investment to lower prices for customers strengthened volumes and LFL sales during the quarter”.

During the period total revenue (ex. fuel) was £5.3bn, declining 0.2%.

Asda Express outperformed the convenience market to deliver 8.6% LFL growth, while fashion brand George “continued its strong momentum” with a 2.5% rise in LFL sales.

Asda executive chairman Allan Leighton said the business saw “a clear improvement in performance” during Q2, “driven by better product availability and our material investment in price”.

“This widened the price gap over competitors and firmly re-established Asda as the best-value traditional supermarket,” he said.

In a media call he said the Q2 results represented “positive progress” for the business.

This week, Asda completed the rollout of Project Future, with all stores now operating on the new systems.

“The collective rate of completion did cause some temporary disruption with product availability and in our online experience, which will impact our sales outturn in the current quarter,” said Leighton.

“As planned, we expect to exit the year in like-for-like growth as we continue our investment in price to protect our customers from inflationary pressures. As we’ve said from the outset, transforming Asda will take time, but we remain confident in the direction of travel and the long-term potential of the business.”

The supermarket said other achievements for the quarter included Rollback price cuts on over 50% of products, with an average reduction of 22% and product availability increases to 96%, its highest level in eight years.

Earlier this month, it was reported that Asda’s take-home sales dipped 2.6% over the 12 weeks to 10 August, leaving the grocer with an 11.8% share of the UK grocery market, according to the latest Worldpanel by Numerator figures.

In July, NielsenIQ also reported that Asda’s grocery sales were lagging behind as UK supermarket sales surged during the summer heatwave.

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