Asda owner slumps to near £600m loss as sales fall | Asda

ASDA’s owner, sales in the supermarket group fell and the cost of serving the debt of debt increased last year, the loss of £ 600 million fell.

According to the accounts of the retailer’s holding company Bellis Finco, Britain’s third largest supermarket fell red until 31 December 2024 before tax payments. Sales in settled stores decreased by 3.4%.

After making some former cooperative stores and EG gasoline preliminary forecasts, the retailer opened new sales points, while total sales rose from £ 25.6 billion to £ 26.8 billion. However, the Company had difficulty in transferring IT systems from the former owner Walmart to fight heavy debts and problems.

The decline in underlying sales, more than 580 supermarkets, approximately 500 markets and 769 gasoline release in the group, the company’s stores should reduce the value of 378 million pounds and contributed to the profit drop.

The Leeds -based ASDA was sold to two billionaires brothers from Blackburn and a private capital company TDR Capital in 2020 for £ 6.8 billion.

After a distinct crack between the brothers and siblings after the deterioration of Mohsin’s marriage, after a distinct crack through the family, he stepped back from running the business last year, but he kept a minority stake. Zuber sold his shares to TDR.

ASDA’s executive chair Allan Leighton helped to return the supermarket chain for the first time more than 20 years ago, but warned that it could take three to five years.

The loss in the parent company said that ASDA’s financial costs increased by 38% due to higher interest rates. The group said that there are more obligations, including £ 3.8 billion leases and £ 500 million shareholders, with more obligations. The next major debt repayment will be made in February next year.

The company also said that the transfer of IT systems from the former owner Walmart and the total costs of the project paid £ 89 million more than £ 889 million until December last year to £ 889 million. The project is not expected to be completed by the end of this year.

Accounts also confirm that Walmart, which ASDA signed a contract to buy until February 2028, confirms that Walmart is in the hook for the remaining 10% shares in the business.

ASDA’S ASDA’S Prices to reduce the prices and supermarket chain sales and market share to put more personnel in the store to put more personnel in the store “is a very important war chest” said the scale of the losses that have planned to invest.

Leighton said that the group’s crown will be a “material decrease in our profits ında for the next year, as it aims to regain the group’s crown as the lowest priced traditional supermarket.

Companies show that ASDA expects to borrow more to finance price cuts. Figures, debt payments and post -lying profit before the articles show that a year ago is £ 1.1 billion from £ 1 billion.