ASDA Q1 Report 2024

Asda has today announced its results for the first quarter ended 31st March, delivering a 6.6% increase in total revenues (excluding fuel) to £5.3bn and 1.4% growth in like-for-like sales.

The supermarket’s continued growth in total revenues, like-for-like sales and margin improvement in food and non-food includes a particularly strong contribution from George at Asda, which outperformed the fashion and homewares markets during the quarter.

Highlights

• Launched Aldi and Lidl price match, with further price cuts worth £70m in May
• Total revenues, excl. fuel, increased 6.6% to £5.3bn; with like-for-like sales up 1.4%
• George – the UK market leader in kidswear and third-largest fashion retailer by sales volumes – grew clothing revenues by 3% to £293m in Q1, and 3% on a like-for-like basis
• Total net leverage as a multiple of pro forma EBITDA after rent reduced by 1.1x year-on-year to 3.0x at the end of Q1
• Post Q1, Asda successfully refinanced more than £3.0bn of debt, strengthening its capital structure into the next decade. This fiscal strength was recognised by both Moody’s and Fitch ratings agencies in their recent upgrade of the Asda business.