Overview

• Asda posted a £599m pre-tax loss for 2024 after a £180m profit the previous year.
• The supermarket’s total sales climbed to £26.8bn but like-for-like sales excluding fuel slipped by 3.4%.
• Interest expenses surged 38% to £611m as the company carried £4.9bn of external debt at higher rates.
• The ‘Project Future’ IT overhaul has cost £889m to date, including £310m spent last year.
• The supermarket’s market share has shrunk to 11.9%, and Leighton warns that restoring its fortunes may take three to five years.