Asda owner slumps to near £600m loss as sales fall

Group battles heavy debts and problems transferring IT systems from former parent WalmartThe owner of Asda slumped to a near £600m loss last year as sales at the supermarket group fell and the cost of servicing its debt pile increased.The retail group dropped £599m into the red in the year to 31 December, before tax payments, down from a £180m profit in 2023, according to accounts for Bellis Finco, the retailer’s holding company. Sales at established stores slid by 3.4%. Continue reading...

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