Asda profits plummet as inflation costs and investing in prices hit bottom line
Supermarket giant Asda has reported plummeting profits as spiralling costs and investing in keeping prices lower for customers hammered its bottom line.
For the year ending December 31, 2022, Asda reported adjusted EBITDA of £886m, down 24% year on year, while sales inched up 0.1% to £20.4bn. Like-for-like sales for the year were down 0.2%.
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