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Last Updated: Tuesday, 20 February 2007, 18:08 GMT
Asda sees 'turnaround' 12 months
Asda store front
Asda was bought by Wal-Mart in 1999
Supermarket chain Asda enjoyed a "turnaround" over the last 12 months, according to its US parent Wal-Mart.

The US giant, the world's largest retailer, said that Asda "exceeded business plan sales" for the full fiscal year ending 31 January.

Although Wal-Mart does not release detailed figures for Asda, it added that profits at the UK business had "increased slightly".

Wal-Mart made the comments as it said its latest global profits were up 9.8%.

Beating market expectations, Wal-Mart's net profit for the three months until the end of January totalled $3.94bn (2bn), up from $3.6bn a year earlier.

Asda was bought by Wal-Mart in 1999.

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