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(Sharecast News) - Asda reported a jump in full-year underlying profit and sales on Monday as it continued to lower prices.
Adjusted earnings before interest, tax, depreciation and amortisation rose 24% from 2022 to £1.1bn, with like-for-like sales up 5.4% and total sales excluding fuel 7.1% higher at £21.9bn.
The supermarket retailer said growth was driven by its "continued focus on value for customers, and the impact of strategic acquisitions".
During the year, it cut prices on more than 800 popular everyday products, maintaining its position as the lowest-priced traditional supermarket.
Co-owner Mohsin Issa said: "As well as investing in price to maintain our position as the cheapest traditional supermarket, we continued to invest in further enhancing the quality of our products, building on the earlier successful launch of the budget-friendly Just Essentials brand with a significant own-label transformation programme.
"This saw us launch thousands of new and improved food lines to drive quality perception among consumers, including a refresh of our entire ready meals range.
"This investment includes non-food and saw George maintain its market leadership position in back-to-school wear and deliver total clothing sales growth of 3.4% last year - helped by our ongoing focus on price, quality and style."
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