Asda, the UK's third-largest supermarket chain, reported a significant profit increase in 2023, with earnings topping £1 billion despite a loss in market share. This growth of 24% in profits comes at a time when households are grappling with rising living costs. Concurrently, Asda is seeking to raise £2.6 billion to refinance its debt burden and has plans to reduce its £3.8 billion debt. The finance chief of Asda dismissed rumors of a sale amid these financial maneuvers and an ownership shake-up, while an executive indicated expectations for a slowdown in price rises.
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🇬🇧 Struggling Asda promises to cut £3.8bn debt pile https://t.co/bVoX5fID6Q
🇬🇧 Asda executive expects price rises to slow https://t.co/KnxfH112vV
🇬🇧 Asda seeks to raise £2.6bn to refinance debt burden https://t.co/7qjJenBy9n
🇬🇧 Asda finance chief dismisses talk of sale amid ownership shake-up https://t.co/VRr6ApYlji
Asda seeks to raise £2.6bn to refinance debt burden https://t.co/Yu7TIdrRXt
Profits at the UK's third-biggest supermarket chain grew 24% in 2023, topping more than £1bn in a year where households struggled with the cost of living https://t.co/sZK0j7byUf
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UK supermarket Asda profit tops 1 bln stg despite market share loss https://t.co/mLuVp5vYbg https://t.co/7ukQRQBzVM