Asda bosses insisted they are building a “bigger and better” supermarket while releasing figures showing it has returned to positive numbers despite its loss of market share.
It was once Britain’s second-largest supermarket but has struggled since its £6.8bn private equity takeover three years ago and this month hit its lowest ever market share.
But he insisted that a revival was underway and said yesterday that he returned to profit last year.
It said it made £180m in pre-tax profits compared with losses of £432m in 2022.
And it has formally presented its accounts at Companies House.
A brighter future?: Asda, once Britain’s second-biggest supermarket, has struggled since its £6.8bn private equity takeover three years ago
Finance director Michael Gleeson said: “We are investing to build a bigger and better Asda. Our priority remains to grow the business for the long term by diversifying our offering to ensure 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 has a 12.8 per cent stake.
This is the lowest level since the group began publishing figures in 2011. It is a sharp drop from 13.7 per cent a year ago. It has lost ground to rivals Tesco and Sainsbury’s, as well as discount chains Aldi and Lidl.
Asda’s massive debt load stood at £3.8bn at the end of the first quarter of 2024.
