Supermarket Asda has published its annual Statutory Accounts for the financial year to 31st December 2017.

The accounts for Asda Group Limited, which includes the financial activities of all Asda stores, distribution centres and online, show that in the last financial year the supermarket’s like for like sales increased by 0.5%, (compared to a 5.7% decrease in 2016).

The supermarket has also reported strong cash flow from operating activities, continued strength of balance sheet and a year-on-year operating profit increase of 13%.

Asda president and CEO, Roger Burnley, said: “Our 2017 accounts reflect a solid performance and a strong, well-managed business.

“During the year momentum returned driven by a series of planned investments in lowering prices, further improving quality and innovation in our Own Brand ranges and providing an even better shopping experience whether in store or online.”

During 2017, Asda opened three new superstores and five new supermarkets plus one new Home Shopping Centre, representing 146,000sq ft. of new space.

Burney concludes: “Our customers have responded well to this strategy and the momentum of 2017 has continued into the first quarter of 2018.”

A full copy of Asda Group Limited Statutory Accounts can be found here.