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Asda (ASDA) investor relations material

Asda Q4 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Asda Stores Limited
Q4 2024 earnings summary29 Jun, 2025

Executive summary

  • FY23 marked strong sales and profitability growth, with revenue up 4.7% to £25.6bn and net profit of £195m, reversing a £354m loss in FY22.

  • Major acquisitions of Arthur Foodstores Ltd and Euro Garages (Jersey) Ltd expanded the convenience and fuel retail footprint, adding nearly 500 stores in six months.

  • Underlying free cash flow rose 31% to £776m, supporting debt repayment and deleveraging.

  • Adjusted EBITDA increased 24% to £1,078m, with pro forma EBITDA at £1,264m.

Financial highlights

  • Revenue ex-fuel grew 7.1% to £21.9bn; like-for-like sales ex-fuel up 5.4%.

  • Operating profit pre-non-underlying items was £637m (FY22: £425m); post-non-underlying items, £569m (FY22: -£141m).

  • Adjusted EBITDA: £1,078m (FY22: £867m); Pro Forma EBITDA: £1,264m (FY22: £943m).

  • Net debt (excl. leases): £3,831m; leverage reduced to 3.0x from 3.9x.

  • Capital expenditure: £336m, with 38% on growth initiatives and 11% on IT separation (Project Future).

  • Underlying free cash flow: £776m (FY22: £591m).

Outlook and guidance

  • UK grocery and non-food markets expected to remain resilient in 2024, with inflation moderating but cost pressures persisting.

  • Focus remains on value, convenience expansion, and regaining number two market share.

  • Announced syndication of a new €900m term loan B and extension of revolving credit facilities in April 2024.

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Frequently asked questions

Asda Stores Limited is a British supermarket chain offering a wide range of groceries, clothing, household goods, and general merchandise. Operating large-format stores, convenience locations, and an online platform, Asda provides fresh produce, packaged foods, personal care items, electronics, and apparel under its own brands and third-party labels. The company also offers additional services such as pharmacy, financial, and fuel services across many locations. Asda focuses on providing value-driven options for consumers, with an emphasis on affordability and accessibility. The company is headquartered in Leeds, United Kingdom.

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