Asda warns on profits as it vows to revive its fortunes

The boss of the UK’s third biggest supermarket has warned that profits will be ‘materially reduced’ as it embarks on an investment programme to win back customers from its rivals.

Allan Leighton, who made a sensational return to Leeds-headquartered Asda last November, vowed to regain customers’ trust but admitted it ‘will take time’.

Releasing it FY24 results, Asda reported that in the year to 31 December, total revenue, excluding... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...