The Leeds-based supermarket chain Asda has revealed its underlying earnings increased by a quarter last year as it recorded growth in food and clothing sales.
The UK’s third biggest supermarket chain said its underlying earnings, before additional costs like tax and interest, rose by 24 per cent to £1.078bn over 2023, compared with 2022. It came as supermarket sales, excluding fuel, grew 5.4 per cent on a like-for-like basis, which excludes the impact of new stores opening during the year. The group, which runs fashion brand George, said clothing sales edged up by 3.4 per cent to total £1.5bn.
” Mohsin Issa, Asda’s Co-owner, said: “Asda is a supermarket powerhouse built on rock-solid foundations – as our strong annual results and the 18m customers who shop with us every week demonstrate. 'Our strategy is all about growth and Asda increased underlying profit to more than £1bn and like-for-like sales by over 5 per cent last year, while significantly growing free cashflow and reducing leverage.
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