Asda is between 10% and 15% better value than its competitors, according to the chain's new boss Tony DeNunzio. Speaking at an industry briefing on Wednesday, DeNunzio said Asda had already invested £150m in reducing prices this year, but was not interested in making "big bold statements" to advertise the fact ­ unlike the competition. "Customers are tired of that," said DeNunzio. "What really counts is what the customer sees in the store and in their basket price. They're not fooled by claims." Things were going extremely well for Asda, he added. "Like-for-like growth is outperforming competitors, and food growth is twice the IGD index. "Over the last two years we have increased customer numbers and increased spend from our customers. Normally it's difficult to get one of those right, but to get two, is very good." He added that the significant buying power of Wal-Mart has had a huge impact on Asda's price index in the UK, opening up a much wider range of opportunities for global sourcing. One of those benefits has been significant cost savings when re-tendering for own label, as manufacturers saw Asda as a good way to build a relationship with Wal-Mart. This improved sourcing and buying power has led to the relaunch of Asda's general merchandise sector, he said. "We've sourced 5,000 new lines of general merchandise products, 2,000 of which were sourced globally through Wal-Mart. "Only one in five customers shop home and leisure, so there is big potential. We're aiming to have the best prices in non food that we do in food. The opportunity in George is even better because only one in seven shop in George." He also said that morale at Asda was high, despite a series of high profile departures. "The business has gone from strength to strength. We have a strong business and I don't think there will be any change in the growth pattern, despite changes in management." {{NEWS }}