Asda is a British supermarket chain which retails food, clothing, toys and general merchandise. It became a subsidiary of the American retail giant Wal-Mart, the world’s largest retailer, in 1999, and is the second largest chain in the UK after Tesco,having overtaken Sainsbury's in 2003. Asda is Wal-Mart's largest non-U.S. subsidiary, accounting for almost half of the company's international sales. Asda's marketing promotions have usually been based solely on price, with Asda promoting itself under the slogan Britain's Lowest Priced Supermarket, 11 Years Running. As a wholly owned division of Wal-Mart, Asda is not required to declare quarterly or half-yearly earnings. It submits full accounts to Companies House each October.