Bond spoke out as the Wal-Mart owned supermarket chain, revealed 6% sales growth for the full year thanks to higher customer numbers, and increased spend.
Bond slammed rivals for their high-low price models saying “they are guilty of employing weapons of mass distraction when it comes to pricing. We will no longer get drawn into playing this game”.
Instead, Asda will return to “every day low prices” and will invest in lowering prices permanently after “allowing ourselves to become too promotional” in 2009 and being drawn into the high-low price models of its rivals.
Bond says 2010 will “open a new chapter for future growth” for Asda and it will “accelerate and broaden” growth around new store formats.
He says smaller supermarkets that meet the needs of local communities and Asda Living stores will allow the business to reach more customers in markets that are currently under served by Asda.
In January Asda launched what it claimed to be its biggest and broadest range of Rollbacks for a decade and relaunched its premium Extra Special range in time for Christmas.
Bond says the George business is “back on track and continuing to accelerate” and the supermarket chain is “well placed to significantly grow our online businesses”.
Following a trial, Asda is rolling out its Instore Collect service from next month which allows customers to buy online at Asdadirect.com and George.com with home delivery or store collection, and plans for 10% of its online sales to come from George.
The supermarket saw sales increase 4.6% in the fourth quarter which chief executive Andy Bond says “compares very well to our main competitors” adding that Asda beat sales and profit targets for the full year and the fourth quarter. Asda also increased its market share to 17.1% in the 52 weeks to 27 December 2009.