Overview
- The retailer reported third‑quarter like‑for‑like sales down 2.8% with total turnover of about £5.1bn.
- Management attributed the decline to severe disruption from Project Future, the separation of more than 2,500 Walmart systems that hit stock flow, availability and the new app and website, denting home delivery.
- Allan Leighton said platforms are stabilising and availability is back to June levels, but he does not expect to re‑establish Asda’s Q2 2025 position until Q2 2026.
- Leighton criticised the Autumn Budget and government policy for depressing business investment and consumer confidence, saying the country is “stuck in reverse.”
- Asda remains heavily leveraged and was downgraded by Fitch this week, with analysts warning that discounter Aldi could overtake it in market position.