Revenues in the first six months of the year rose by 2% – excluding fuel – but like-for-like sales were down by 2.1%. Revenue in Q2 fell by 2.2%, with a 5.3% like-for-like drop revealing the size of the problem with falling sales.
Asda is owned by TDR Capital and Mohsin Issa. They plan to invest m on boosting staff numbers and improving the customer experience in cleaner stores. They also plan to improve the availability of products and increase the use of the Asda Rewards loyalty app.
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The latest figures revealed that Asda has 12.7% of the grocery market in UK in Q2 2024. This was lower than the 13.6% share it had a year ago. While Asda has been losing customers, rivals Tesco (TSCO), Sainsbury’s (SBRY) and Morrisons (MRW) have all gained market share. Asda’s chief financial officer Michael Gleeson stated:
It is important to highlight that switching losses to the discounters, Aldi and Lidl as well, have receded. We have addressed that well with our price matching programme and are pleased with that.
These figures come a couple of months after Zuber Issa left Asda by selling his 22.5% stake to TDR Capital, leaving his brother Mohsin and the private equity firm in charge.
