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UK supermarket Asda says 2023 underlying profit up 24%
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LONDON (Reuters) – Asda, Britain’s third biggest supermarket group, reported a 24% rise in annual earnings on Monday that reflected a 7% rise in total sales.
LONDON (Reuters) – Asda, Britain’s third biggest supermarket group, reported a 24% rise in annual earnings on Monday that reflected a 7% rise in total sales.
Asda, owned by brothers Zuber and Mohsin Issa and private equity firm TDR Capital, said 2023 adjusted EBITDA after rent, its preferred profit measure, was 1.078 billion pounds ($1.33 billion) on total sales, excluding fuel, of 21.9 billion pounds.
($1 = 0.8076 pounds)
(Reporting by James Davey; Editing by Sachin Ravikumar)
EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. It is a financial metric used to evaluate a company's operating performance.
Total sales refer to the overall revenue generated by a company from selling its goods or services over a specific period, excluding any returns or discounts.
Profit margin is a financial ratio that indicates the percentage of revenue that exceeds the costs of goods sold. It is a measure of a company's profitability.
Private equity refers to investment funds that directly invest in private companies or buy out public companies, often with the goal of restructuring and improving their performance.
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