Profits dipped at Asda in 2022 due to accelerating cost inflation but sales edged higher, it has been revealed.
The UK’s third largest supermarket chain, which is owned by the Lancashire-based billionaire Issa brothers and TDR Capital, said sales improved significantly in the latter half of the year after investing in price cuts as customers sought bargains in the face of the cost-of-living crisis.
Mohsin Issa said the retailer delivered a "highly resilient" performance during the year.
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