By Daniel Hunter

Asda has reported a 1.6% fall in like-for-like sales for the third quarter, after being hit by what it described as a "shockwave" in the grocery market.

Sales were down 1.6% on the previous quarter, when they had grown by 0.6%.

Despite falling sales, Asda said it is gaining market share in the UK.

Asda CEO, Andy Clarke, said: "A year ago we took clear action to address the changes in our market and implement a five year strategy to redefine value retailing. That is a long term strategy that won't be delivered overnight."

"The last quarter has seen a shockwave go through our industry and others are starting to respond to the challenges they face. I expect that we will see another tough quarter and I'm under no illusions that the battle continues to rage," he added.

With Tesco firmly the UK's biggest supermarket, despite its recent troubles, Asda is embroiled in a battle with Sainsbury's for the title of the country's second biggest supermarket.

But growing popularity of Aldi and Lidl has heaped pressure onto the bigger supermarkets, resulting in squeezed sales and profits.

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