Asda’s profits in 2003 were almost three times what its nearest rival Sainsbury is predicted to make this year.
Figures filed at Companies House reveal Asda’s sales rose 9.3% to £14.433bn in the year to December 31, 2003. Pre-tax profit was up 10.4% to £670.8m, well ahead of the £200-260m that analysts are forecasting Sainsbury will make in the full year.
However, there was no update on like-for-like sales growth over the period.
An analyst said: “While Asda itself has admitted sales have fallen off a bit lately, TNS data doesn’t tell the complete story as the multiples’ figures have been skewed a bit by the Safeway store divestments.”
Given the planning regime was thwarting Asda’s ambitions in food retailing, its current push into standalone clothing and non-food stores was sensible, he said. “Buying a chain like Matalan would give them a lot of space in one go, but the ambitions of Matalan shareholders would probably preclude a bid at the price Asda is prepared to pay.”
Figures filed at Companies House reveal Asda’s sales rose 9.3% to £14.433bn in the year to December 31, 2003. Pre-tax profit was up 10.4% to £670.8m, well ahead of the £200-260m that analysts are forecasting Sainsbury will make in the full year.
However, there was no update on like-for-like sales growth over the period.
An analyst said: “While Asda itself has admitted sales have fallen off a bit lately, TNS data doesn’t tell the complete story as the multiples’ figures have been skewed a bit by the Safeway store divestments.”
Given the planning regime was thwarting Asda’s ambitions in food retailing, its current push into standalone clothing and non-food stores was sensible, he said. “Buying a chain like Matalan would give them a lot of space in one go, but the ambitions of Matalan shareholders would probably preclude a bid at the price Asda is prepared to pay.”
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