Asda

Asda has reported a 5.7% fall in like-for-like sales in the first quarter of the year, barely improved from the previous quarter.

The Walmart-owned supermarket posted a 5.8% drop in the previous quarter - it's worst on record. To put into context how bad these results are, it wasn't too long ago that a 1% fall in like-for-like sales would have been considered a disaster.

Asda said UK sales "continue to struggle" amid "fierce competition" over prices.

Walmart also announced a 7.8% fall in profits to $3.08 billion (£2.1bn) for the first quarter.

Walmart's chief financial officer Brett Biggs said: "Improvements in price and product availability throughout the quarter were not enough to overcome traffic and food volume declines in our large format stores."

Despite the fall, the results were better than market analysts had expected, prompting Walmart's share price to rise 9% in the US.

Mr Biggs described the first quarter as "overall... pretty strong", explaining: "We are very pleased with the traffic increases, and I think that goes along with what we are seeing with customer experience scores that continue to improve."