Asda's Sales Fall as Debt-Laden UK Grocer Loses Ground to Rivals [BNN Bloomberg (Canada)]
WPP plc American Depositary Shares (WPP)
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Source: BNN Bloomberg
The market share of Britain's third-largest grocer, which is now controlled by London-based TDR Capital, fell to 12.8% in the 12 weeks ended June 9, down from 13.7% the year earlier, according to data published Tuesday by Kantar. The research firm has reported declining Asda sales for three straight months, on a rolling 12-week basis. TDR acquired billionaire Zuber Issa's stake in Asda earlier this month, bringing its ownership to 67.5%. Mohsin Issa, Zuber's brother, retains a 22.5% stake in Asda. Walmart Inc. owns the remaining 10%. Asda has been weighed down by debt. Higher interest rates have pushed up its servicing costs and squeezed profits, leaving room for larger rivals Tesco and Sainsbury's to gain market share. The growth of discounters such as Lidl is also posing a threat. “Asda has been shedding market share for a while now,” said Clive Black, head of consumer research at Shore Capital. “The market is competitive, but at the end of the day you have to say in retail
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