Asda Reports 24% Profit Increase to $1.24 Billion, Plans Debt Refinancing

Apr 22, 2024, 10:55 AM

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 €1.05 billion term loan due in 2026. The profit growth comes at a time when households are struggling with the cost of living.