ASDA - comment

Another disappointing quarter for topline, with food revenues -4.8% (-3.0% YTD). The issues in Q2 have not been resolved yet and we expect some further information on the call. EBITDA was down 11.4% YoY, we will unpack the Gross Margin impact after the call but expect flat at worst at that level. Our positive view on ASDA has not changed, but the top-line challenges are a concern. We will update our model after the call. 

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