Leeds-based supermarket group Asda said its total revenue fell 0.8% to £21.7 billion in 2024 while like-for-like sales (excluding fuel) were lower by 3.4%.

Asda executive chairman Allan Leighton said the group will undertake “a substantive and well backed programme of investment in price, availability and the shopping experience” which will “materially reduce our profitability this year.”

Asda said it grew adjusted 2024 EBITDA after rent by 5.8% to £1.14 billion during the year “driven by improved gross margins, particularly in non-food reflecting the strength and scale of its George business, as well as a full year of profit from the 356 Asda Express convenience stores and forecourt sites acquired from EG Group.”

Asda is owned 67.5% by TDR Capital, 22.5% by Mohsin Issa, and 10% by Walmart Inc.

Executive chairman Leighton said: “Everyone is focused on making Asda the number one choice again for busy hard-working families who demand value. This is what’s driving all of our actions across pricing, ranging, merchandising and every part of the business.

“Following the return of Rollback in January, our price advantage has strengthened and customers’ perceptions of the value we offer is starting to improve. We will move thousands more products to Rollback at regular intervals this year.

“Looking ahead we still have plenty of work to get our business firing on all cylinders again. While regaining customers’ trust will take time, we will undertake a substantive and well backed programme of investment in price, availability and the shopping experience to deliver this.

“This will materially reduce our profitability this year, which we expect to reverse as our market share recovers and improves over time.”