Speaking for the first time since the deal was blocked by the Competition and Markets Authority (CMA) last month, McKenna told the World Retail Congress that Asda was a business that remained “close” to Walmart’s heart, despite its failed plan to offload a 58% stake in the supermarket giant.

Rumours have suggested that Walmart would now seek a plan B to scale back its exposure to the fiercely competitive UK market. Private equity house KKR has already been touted as potential suitors should Walmart seek to sell the grocer, while a stock market float has been mooted as another potential option.

But McKenna said Asda boss Roger Burnley and his leadership team had “done a phenomenal job” over the past year and that Walmart would “make sure that they have got the resources” to press on with their turnaround plan.