Asda bosses claim they are building a ‘bigger and better’ supermarket
Asda bosses insisted they are building a ‘bigger and better’ supermarket as they released figures showing the supermarket is back in the doldrums despite falling market share.
It was once Britain’s second-largest supermarket but has struggled since its £6.8 billion private equity takeover three years ago, hitting the market’s all-time low end this month.
But the company emphasized that a rebound is underway and said yesterday that it returned to profit last year.
The company said it made a pre-tax profit of £180 million, compared with a loss of £432 million in 2022.
And it has formally filed its accounts with Companies House.
A better future?: Asda, once Britain’s second-largest supermarket, has struggled since its £6.8 billion private equity takeover three years ago
Chief Financial Officer Michael Gleeson said: ‘We are investing to build a bigger and better Asda. Our priority remains to grow the business in the long term by diversifying our offering so customers can shop with us when and how it suits them best.”
The comments came just days after data from industry research firm Kantar showed Asda holds a 12.8 percent stake.
This is the lowest level since the group started releasing the figures in 2011. It’s a dramatic drop from the 13.7 percent it had a year ago. It has lost ground to rivals Tesco and Sainsbury’s, as well as discounters Aldi and Lidl.
Asda’s massive debt pile stood at £3.8 billion at the end of the first quarter of 2024.