Asda, the UK's third-largest supermarket chain, reported a significant increase in its annual earnings for 2023, with profits soaring by 24% to reach $1.24 billion, topping 1 billion stg. This financial growth was attributed to a 7.1% rise in total sales and the success of its loyalty Rewards scheme, which has been popular among consumers. Despite these gains, Asda experienced a loss in market share to competitors. Additionally, the company managed to reduce its debt and is now seeking to refinance a portion of its debt with a β¬1.05 billion term loan due in 2026. The profit growth comes at a time when households are struggling with the cost of living.
Watch Business Live with @IanKingSky... π πΉThe FTSE-100 knocking on the door of a record closing high πΉ UK's third largest supermarket - Asda - reports a slowdown in sales growth, but a big rise in underlying profits https://t.co/L2J4921zVt
Asda, Britain's third biggest supermarket group, reported a 24% jump in annual earnings to $1.24 billion, saying it was making strategic progress despite losing market share to rivals. More here: https://t.co/qBQuXkooJj https://t.co/DlZYg2KmWD
UK grocery Asda is marketing a β¬1.05 billion term loan to partially refinance debt coming due in 2026 https://t.co/Z5H0Z8PWg8
Asda reported a 24% rise in annual earnings that reflected a 7.1% rise in total sales for Britain's third biggest supermarket group, which said it had also cut its debt https://t.co/B0hN98ZRSr https://t.co/NfmzwpUifJ
Profits at the UK's third-biggest supermarket chain grew 24% in 2023, topping more than Β£1bn in a year where households struggled with the cost of living https://t.co/sZK0j7byUf
Asda reported a 24% rise in annual earnings that reflected a 7.1% rise in total sales for Britain's third biggest supermarket group, which said it had also cut its debt. Read more: https://t.co/qBQuXkooJj https://t.co/Wtj8lr2NQ6
Asda, Britain's third biggest supermarket group, reported a 24% jump in annual earnings to $1.24 billion, saying it was making strategic progress despite losing market share to rivals https://t.co/B0hN98ZRSr https://t.co/QBFrFvaRxw
Asda saw profits rocket in 2023, with its hugely popular loyalty scheme being credited for boosting sales. https://t.co/BFhey66wnC
UK supermarket Asda profit tops 1 bln stg despite market share loss https://t.co/mLuVp5vYbg https://t.co/7ukQRQBzVM
Asda grows profit as loyalty Rewards scheme drives sales https://t.co/5ZsyQQyxuH
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