Asda ‘still in foothills of recovery’ despite sales rebound, says boss

Undated handout photo issued by Asda of one of their stores. Supermarket chain Asda plans to open 110 stores in the UK in February as part of its goal to reach 1,000 shops across the country. Asda, previously owned by Walmart, will convert 109 Co-op and EG Group convenience sites to Asda Express stores as part of a multimillion-pound investment. The business said it wants to become the second largest grocery retailer in the UK. Issue date: Monday February 5, 2024. - (PA Media)

Supermarket giant Asda has said the economic backdrop has weighed on consumer budgets but sales are set to return to growth for the first time in two years.

The private equity-backed retailer said it is nevertheless still in the “foothills of recovery” as it continues to push ahead with a major turnaround plan.