For the full year to 31 December 2023, Asda’s sales excluding fuel grew 7.1% year-on-year to £21.8 billion, driven by its “ongoing investment in value last year”. Its clothing brand George saw sales grow 3.5% to £1.5 billion. Meanwhile, adjusted EBITDA after rent jumped 24% to £1.07 billion.

Asda also said it had made “significant strategic progress” by taking full control of 116 convenience stores from the Co-op and acquiring 356 predominantly freehold sites from EG Group’s UK business. It is on track to have 500 Express stores open by the end of this year.