UK retailer Asda has announced its financial results for the year ended 31st December 2023.
The supermarket grew like-for-like sales by 5.4%, and reported a 24% increased in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) after rent to over £1 billion.
Total sales, excluding fuel, increased by 7.1% to £21.9 billion in the last year, as the retailer reduced prices on more than 800 everyday products.
Mohsin Issa, Asda's co-owner, said: "Asda is a supermarket powerhouse built on rock-solid foundations – as our strong annual results and the 18 million customers who shop with us every week demonstrate.
"Our strategy is all about growth and Asda increased underlying profit to more than £1 billion and like-for-like sales by over 5% last year, while significantly growing free cashflow and reducing leverage. We are committed to doing the right thing for customers, colleagues and local communities – and are putting in place the strategic building blocks to set up Asda for long-term success."
Issa continued: “As well as investing in price to maintain our position as the cheapest traditional supermarket, we continued to invest in further enhancing the quality of our products, building on the earlier successful launch of the budget-friendly Just Essentials brand with a significant own-label transformation programme. This saw us launch thousands of new and improved food lines to drive quality perception among consumers, including a refresh of our entire ready meals range.
“I would like to thank our colleagues for their hard work over the last year, serving millions of customers each week. Our recent investment in pay – a record £150 million – will see Asda become the highest paying traditional supermarket in the UK and reflects how much we value the contribution of every colleague.”
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