Walmart’s Leeds-based subsidiary Asda — which is considering a future UK stock market listing — said its operating profit rose 9.2% to £803.2 million in 2018 on revenue up 3.1% to £22.92 billion.

No dividend was paid to Walmart, as was the case in 2017.

The growth was achieved in a year when Asda was unsuccessfully targeted for a takeover by rival Sainsbury’s. 

Sainsbury’s £7.3 billion agreed bid for Asda was eventually blocked by the UK’s competition regulator.

Walmart indicated in May it would instead look at an initial public offering for Asda in the next two or three years. 

Asda chief financial officer Rob McWilliam said: “The challenges faced in the market during 2018 have only intensified as we move through 2019 and we remain steadfast in our approach to win on price, deliver a consistent customer experience and drive growth where customers care.”