Walmart has confirmed it is considering an IPO for British supermarket arm Asda, after its proposed merger with domestic rival Sainsbury's was blocked by the U.K. regulator.
Walmart International CEO Judith McKenna told Asda staff at its mid-year meeting Tuesday in Leeds, northern England, that the world's largest retailer did "not have a one size fits all approach to operating its international markets."
In the first discussions of Asda's future since the U.K. Competition and Markets Authority torpedoed the proposed merger with Sainsbury's in April, McKenna suggested that preparations for the IPO would "take years." Pointing to Asda's seven successive quarters of growth in a difficult trading environment, Burnley told the meeting that the supermarket's strategy was working, but acknowledged market trends are changing faster-than-expected.
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