Asda warns on softer profits as it ramps up turnaround efforts

Asda has warned that its profits for the upcoming year will take a hit as it ramps up spending on its turnaround efforts.
Chair Allan Leighton said the supermarket chain will be undertaking a “substantive and well backed programme of investment in price, availability and the shopping experience” in the year ahead.
He cautioned the spend will “materially reduce our profit in this year as we start to rebuild and reset the business”.
“I look at this as an investment wa