Asda has said that its profits were hit by Office of Fair Trading (OFT) investigations into price-fixing.
The retailer said that legal fees associated with the cases hit its profits but these profits are still head of internal targets, reports the Daily Telegraph.
According to the paper, Asda filed accounts at Company House this week, revealing sales rose to £16.8bn in the 12 months until 31 December.
“The result was significantly affected by … an allowance for legal matters in connection with the OFT investigations on milk and tobacco,” Asda said.
Chief executive Andy Bond’s salary rose to above £1m in 2007, the Telegraph adds.
Asda’s parent company, Wal-Mart, said last week that there are opportunities in the retail sector despite the bleak economic climate.
