Asda records near-£600m loss for 2024 but says 'straight-forward' Rollback strategy is addressing problems

Yorkshire Post

Supermarket chain Asda made a near-£600m loss last year during a period of struggle, the company’s new accounts have revealed. The Leeds-headquartered business, which is owned and controlled by private equity firm TDR Capital, has reported a £599m pre-tax loss for 2024 despite revenues increasing by £1,230m compared to the previous year.  Overall revenue went up from £25,617m in 2023 to £26,847m. However a 2023 operating profit of £569m was followed by a £44m loss, while the profit before tax of £180m in 2023 swung to the £599m loss. The loss after tax for 2024 stood at £487m.  Figures were affected by a £378m impairment charge and a £310m cost relating to a programme to separate its IT systems from previous owner Walmart, while finance costs increased from £441m to £611m due in part to higher interest rates.  To read the full story visit https://www.yorkshirepost.co.uk/business

Transcript

00:00So have you noticed a difference when you visit an Asda store recently?

00:05Asda have put out their results for 2024 showing a £599 million loss before tax

00:13and admitting to problems with the availability of products, the cost of products and the general

00:20customer experience in their stores last year. They say they've started to turn it around now,

00:25they've returned to the rollback pricing strategy to make things a bit cheaper for shoppers.

00:30And they've worked on improving the customer experience in store. They say customer

00:34satisfaction is starting to improve and basically they're turning the corner slowly but surely.

00:39Interested to hear people's thoughts, are Asda on the comeback trail

00:42and can they win back shoppers who've been heading elsewhere?

Category

Transcript

Comments

Recommended