Asda posted a 2.3% year-on-year fall in pre-tax profit to £520.4m in 2008 on sales of £18.57bn (£16.7bn 2007), according to accounts filed at Companies House.
It also emerged that US parent Wal-mart “sold” Asda to Corinth Services, a Wal-mart group company, for £6.9bn as part of a “group reconstruction” for “good financial management”.
Five Asda directors, including marketing chief Rick Bendel and chief operating officer Andy Clarke, were appointed to Corinth’s board.
Asda’s chief executive Andy Bond and chief financial officer Judith McKenna were already on Corinth’s board.
