Asda has missed its financial targets for a fourth consecutive quarter as its parent company Wal-Mart records its first profit decrease in a decade.

Releasing its second-quarter results to 31 July, Charles Holley, chief financial officer of Wal-Mart, said: "Declining margins from the competitive environment in the UK led to operating income that was moderately below plan for the second-quarter."

He added that Asda had performed well during the World Cup. Total sales, were "above plan, up in the mid single digits for the second quarter”, while like-for-like sales were in the “low single digits".

Meanwhile, Wal-Mart blamed the $863m cost of exiting the German market last month and rising energy costs for its first profit decrease in ten years.

The retail giant recorded second-quarter net profit of $2.08bn, down from $2.8bn the year before.

It also recorded half-year net profit of $4.698bn, down from $5.266bn the year before, on net sales up 11.9% at $163.359bn.