ASDA - comment

A fall in sales is an unpleasant surprise, but we expect at least part of the 5% drop in February was a strategy of lower prices to stabilise market share over the rest of the year. We expect that this will show up in lower gross and EBITDA margins. It also helps explain Allan Leighton’s decision to axe bonuses for store managers. A strategy to stabilise and recover market share would make sense. We expect any volume falls to be flatter as a 5% fall will not just be pricing.

https://www.retailgazette.co.uk/blog/2025/03/asda-market-share/

https://www.esmmagazine.com/retail/uk-grocery-inflation-steady-at-3-3-in-february-2025-kantar-283734