Supermarket giant Asda has announced plans to scrap its popular Smart Price range to make way for a new budget line called 'Just Essentials'.
The big six grocer has said the new Just Essentials line will be compromised of 50% more budget-friendly products than the current Smart Price range.
With 300 products that span fresh meat, fish and poultry, bakery, frozen and all cupboard staples, it will be the 'largest ever budget-friendly essentials range' that will help shoppers combat rising costs.
News of the plans comes after the supermarket chain recently expanded their range of budget-priced items in all stores to help support customers during the current cost of living crisis.
The Manchester Evening News reports the new Just Essentials range will begin to appear on store shelves from May, before officially replacing all Smart Price products over the summer.
Mohsin Issa, co-owner of Asda, said: “We understand that customers are increasingly worried about the cost of living and want help to keep their grocery bills in check, whilst still being able to buy healthy and nutritious food for their families.
“Our new Just Essentials range has been specifically designed with this in mind, combing our lowest prices with a much larger and more diverse range of great value products to meet all household needs.”
The shake-up of its product range came as Asda revealed revenues of £20.4 billion in 2021, representing a 0.6% increase in like-for-like sales, excluding fuel. However, the retailer highlighted that like-for-like sales declined by 2.9% in the three months to December compared with the same period a year earlier, as customers returned to pubs and restaurants.
Mr Issa added: “When we bought Asda we were clear that we wanted to grow this great business and our ambition is for Asda to regain its position as the UK’s second-largest grocery retailer.
“We are pleased with the progress made in the six months since we officially took over the business and are confident we can achieve this long-term ambition by providing customers with exceptional value wherever and however they choose to shop with us.”
The Issa brothers have continued to lead the supermarket group following their £6.8 billion takeover, with the firm’s already lengthy pursuit of a new chief executive officer yet to find a replacement for Roger Burnley.
Online sales also declined by 5% in 2021 against the previous year, as the return to the office saw a reduction in home deliveries. Asda said operating profits soared over the year, rising by 42% to £693.1 million due to a reduction in Covid-related costs.
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