The private equity owner of UK supermarket chain Asda defended its controversial buyout of the business, as it faced a grilling from politicians (Financial Times £). Asda’s private equity owners have insisted the supermarket can cope with spiralling borrowing costs on its £4bn debt pile (Daily Mail).

Asda’s co-owners have denied the grocer tried to profit from fuel during the cost of living crisis, after an investigation last year found it had increased its prices ahead of competitors (The Times £).

High-street surveys spark sell-off in retailers’ shares. While Christmas parties fuelled spending at pubs, bars and restaurants, the period failed to give retailers much of a boost, according to the latest surveys from the British Retail Consortium and Barclays, amid sluggish consumer confidence and unsuccessful post-Christmas sales. (The Times £)

Retailers endured a disappointing Christmas, new data shows, as families “battened down the hatches” amid cost of living pressures. (Telegraph £)

British shoppers spent a record £4.8bn on groceries in the run-up to Christmas as supermarkets enjoyed the busiest festive trading period since before the pandemic. (The Times £)

Marks & Spencer has been crowned a Christmas winner by yet another group of industry experts. (Daily Mail)

The baby milk seller Danone has agreed to cut the wholesale price of its Aptamil infant powdered formula by 7% from Monday after the UK’s competition watchdog launched an investigation into high inflation in the market. (The Guardian)

B&M intends to pay shareholders a special dividend following strong sales growth across the Autumn and Christmas seasons. (Daily Mail)

Waitrose was the most expensive grocer last year with an average grocery basket costing £20 more than at Aldi, the cheapest, according to research from Which?. (The Times £)

How online shoppers fell back in love with the high street – the pandemic turbocharged internet clothing sales, but a return to stores has left the UK’s ecommerce pioneers with serious challenges. Since the pandemic ended online players have had to grapple with stiff logistical challenges, mounting competition from ultra-cheap Asian rivals and soaring costs. (Financial Times £)

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