Asda’s Struggles Persist Amid Falling Sales, Fuel Shortages
Asda was bought by TDR Capital and the billionaire Issa brothers in 2021 in a highly leveraged deal.
Photographer: Chris Ratcliffe/BloombergAsda’s sales and profit fell last year as the UK’s third-biggest supermarket shed more market share to rivals, while the grocer warned of shortages at its fuel pumps following the outbreak of war in the Middle East.
Like-for-like sales excluding fuel dropped 3.1% from a year earlier, the private equity-owned grocer said Friday. Adjusted earnings before interest, taxes, depreciation, and amortization slumped by a third to £764 million ($1 billion).