ASDA’s numbers on Friday will have seen the bonds softer, but the slowing pace of revenue decline is supportive. We
Read More
The partnership is a small positive for both companies' bonds. ASDA is adopting a lighter version of the Ocado proposition, broadly similar to
Read MoreMorrisons' bonds may be marked fractionally lower as Lidl supplants Morrisons as the #4 UK Supermarket. However, this is a
Read MoreThe incremental impact of the Morrisons price cuts to creditors is small, but it underlines the low consumer confidence and the
Read More
Although ASDA’s pay rise is lower than its competitors’, we do not expect it to provoke staff departures or
Read More
Sales are falling, but more slowly, and market share is flat. This will be a relief to ASDA, but it still needs to establish the targeted
Read MoreASDA is trying to bind a proportion of its customers through its loyalty scheme and is offering targeted discounts to
Read MoreAldi's investment in its stores is a response to investment programs by the rest of the industry. Aldi/Lidl are already cheaper, but run on fewer
Read MoreLosing the cheapest supermarket tag to Tesco may be a blip, but it highlights the difficulty of trying to target being 5% to 10% cheaper than
Read MoreThe mistakes in pay packets were initially revealed in March 2024. The sums involved are small, so ASDA is being magnanimous in settling
Read MoreASDA outsourcing deliveries of George (its clothing brand) is an indication of how deep the Leighton restructuring plans are
Read MoreAfter the negative impact of the IT updates to logistics, ASDA needs to make sure that the changes to its distribution management teams do
Read MoreASDA’s poor Christmas performance was trailed by Management at the Q3 results. The introduction of the new IT system caused
Read MoreManagement had already warned the market that Q4 food revenue would be lower than Q3. They also warned that margin would be
Read MoreThe market share numbers are ugly, but are baked into expectations. The job of getting customers back onside is going to take longer
Read MoreS&P’s downgrade comes soon after Fitch and cites the same reason: the availability issues in Q3 caused by disruption post the
Read More
With over £1bn of available liquidity (post the November £560m sale and lease back transaction), ASDA has sufficient cash to cope with the
Read MoreFitch’s downgrade of ASDA reflects the agency’s belief that the turnaround at ASDA will take three years, with volumes and profitability only
Read More