Private equity pain goes on for Asda: Supermarket’s sales plummet 9.2% in first three months of the year
Sales crashed at Asda in the first three months of the year in the latest sign of its woes since falling into private equity hands.
The supermarket made £4.6billion in sales from January to March, a 9.2 per cent drop from the same period last year.
Asda, the UK’s third biggest supermarket, said the fall was because of heightened sales last year during strict lockdowns.
Asda, the UK’s third biggest supermarket, made £4.6bn in sales from January to March, a 9.2% drop from the same period last year
But it is the latest instance of the store’s sales falling faster than rivals since being bought by the billionaire Issa brothers and London-based buyout firm TDR Capital in a debt-fuelled £6.8billion deal in October 2020.
Its share of the market has fallen from 14.4 per cent to 13.8 per cent in that time, despite the Issas setting a target to take back the second placed spot from Sainsbury’s.
Figures from data group Kantar have repeatedly shown its sales falling quicker than bigger rivals Sainsbury’s and Tesco.