Supermarket chain Asda made a near-£600m loss last year during a period of struggle, the company’s new accounts have revealed. The Leeds-headquartered business, which is owned and controlled by private equity firm TDR Capital, has reported a £599m pre-tax loss for 2024 despite revenues increasing by £1,230m compared to the previous year.
Overall revenue went up from £25,617m in 2023 to £26,847m. However a 2023 operating profit of £569m was followed by a £44m loss, while the profit before tax of £180m in 2023 swung to the £599m loss. The loss after tax for 2024 stood at £487m.
Figures were affected by a £378m impairment charge and a £310m cost relating to a programme to separate its IT systems from previous owner Walmart, while finance costs increased from £441m to £611m due in part to higher interest rates.
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