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Asda sales up

Published:  23 July, 2008

UK: Asda celebrates mid single digit hike in like-for-like sales.

Parent company Wal-Mart says shareholder's disappointed.

Meanwhile, Asda's parent company, Wal-Mart, is disappointed with the results despite its net sales for the second quarter increasing 8.8% to $91.99billion.

Income from continuing operations for the quarter was $3.11bn, an increase of 4.1% from $2.98bn in the second quarter of fiscal year 2007.

Parent company, Wal-Mart stores to the three months ending 31 July hit $59.01bn up 6.5% on the same period the year before.

Lee Scott, Wal-Mart stores president and chief executive officer said: "Although some people will report that Wal-Mart has had record sales and earnings, our underlying operating performance this quarter is not what we expect of ourselves, and not what our shareholders expect of us."