<\/p>\n
Asda has been cutting prices<\/p>\n
Asda, the UK\u2019s third largest supermarket chain,\u00a0insists its underlying business remains strong after losses climbed to almost \u00a31 billion.<\/p>\n
Its latest accounts show it plunged to a \u00a3989 million pre-tax loss for the year to the end of 2025 from a \u00a3599m loss a year earlier.<\/p>\n
Total sales, including fuel, fell 3.4% to \u00a325.9 billion during the same period. Like-for-like sales declined by 3.1%.<\/p>\n
It has lost market share since its \u00a36.8 billion takeover by TDR Capital and the billionaire Issa brothers in 2021.<\/p>\n
However, the company was hit last year by an IT upgrade that disrupted product availability and dented sales.<\/p>\n
This included a \u00a3656m one-off cost related to the group\u2019s IT separation from former parent firm\u00a0Walmart, which retains a minority stake.<\/p>\n
It has been aggressively cutting prices to lure back shoppers under executive chairman Allan Leighton who warned in March that his plan to make Asda between 5% and 10% cheaper than rival supermarkets was likely to \u201cmaterially reduce\u201d its profits.<\/p>\n
A spokesman for the supermarket said: \u201cThe reported loss does not reflect the underlying financial strength of the business \u2013 and continued powerful cash generation.<\/p>\n
\u201cAsda is supported by a strong balance sheet and capital structure, with \u00a31.3 billion in cash, \u00a32.1bn of total liquidity at the year end, and the majority of borrowings secured well into the next decade.<\/p>\n
\u201cThis gives us the flexibility to continue investing in our long-term growth strategy and deliver a disciplined and sustainable turnaround.\u201d<\/p>\n
\t #Asda #insists #remains #strong #deeper #losses #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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