UK supermarket Asda says 2023 underlying profit up 24%

LONDON (Reuters) – Asda, Britain’s third biggest supermarket group, reported a 24% rise in annual earnings on Monday that reflected a 7% rise in total sales.

Asda, owned by brothers Zuber and Mohsin Issa and private equity firm TDR Capital, said 2023 adjusted EBITDA after rent, its preferred profit measure, was 1.078 billion pounds ($1.33 billion) on total sales, excluding fuel, of 21.9 billion pounds.

($1 = 0.8076 pounds)

(Reporting by James Davey; Editing by Sachin Ravikumar)