As Wal-Mart Stores Inc. reported better-than-expected first-quarter earnings, there was more bad news from its U.K. unit Asda. Unlike all of its main rivals, Asda’s sales continue to tumble as the grocer struggles to regain its former price leadership amid a battle with discounters Aldi and Lidl. Even after recent price cuts, there’s no evidence of any action that will “radically improve Asda’s fortunes,” said John Kershaw, an analyst at Exane BNP Paribas.

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