Asda to invest in price cuts to battle drop in sales and market share

Supermarket chain's sales drop 1% to 21.7bn despite food price inflation of 3% for most of 2024

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Asda is to invest a pretty significant war chest" in cutting prices and putting more staff on the shop floor as the supermarket chain battles a decline in sales and market share.

Allan Leighton, the chair of the privately owned group that runs more 580 supermarkets, almost 500 convenience stores and 769 petrol forecourts, said there would be a material reduction in our profit" for the year ahead as the group aimed to invest in order to regain its crown as the UK's lowest-price traditional supermarket.