Supermarket giant Asda has revealed its worst sales on record during the three months including the Christmas period.

Figures show that sales dropped 4.7% over the year, as well as decreasing profits. Figures also show that income in the fourth quarter decreased 7.9%.

Andy Clarke, CEO commented in December: “I don’t think when the numbers are released in January you are going to see many [retail bosses] with a big smile of joy.”

Mr Clarke is now in talks with suppliers on cutting costs, adding: “We have identified what we have to do to reposition the business to recover sales and have already taken decisive action.”

With future plans to restructure its Leeds office, the supermarket also revealed a list of price reductions it made over the recent months, as well as announcing a £500 million investment into cutting prices to combat the discount chains.