Asda Has 'Slightly Lost the Plot' Says Supermarket's Chair Stuart Rose.

Asda Chairman Stuart Rose expressed concerns about the supermarket's recent performance, attributing a 4.8% decline in sales to failing to meet customer expectations in a competitive market. The company faces a £100 million hit from UK tax hikes and rising minimum wage, which could lead to increased costs for consumers. Asda, owned by TDR Capital, is investing in store improvements to regain lost market share, following a period of significant change since being acquired from Walmart Inc. by the Issa brothers. [Extracted from the article]