Supermarket’s unaudited profits and sales revealed

  • Asda pressed to share unaudited results
  • Auditor failed to sign off on company accounts
  • Private presentation showed return to profit
  • EY stepped back as auditor due to romantic relationship
  • KPMG replaced EY as auditor
  • Full-year results to be signed off at end of month
  • Results from previous year were unaudited
  • Asda made strong progress against strategy in 2023

Asda has been urged to share a draft copy of its results with investors after its auditor failed to sign off on the company accounts. The supermarket’s bosses decided to share a private presentation with lenders, revealing unaudited profits and sales that showed a return to profit for the supermarket. The delay in results was caused by EY stepping back as the auditor due to a romantic relationship with Asda co-owner Mohsin Issa. KPMG has since replaced EY as the auditor. Asda’s full-year results are expected to be signed off at the end of the month. The supermarket had previously released unaudited results in March of the previous year. Asda spokesperson stated that the company made strong progress in 2023 and invested significantly in the business for long-term sustainable growth.

Factuality Level: 7
Factuality Justification: The article provides specific details about Asda’s financial situation, including the reasons for the delay in signing off the company accounts, the change in auditors, and the unaudited profits and sales figures. The information seems to be based on statements from company sources and news reports. However, the article could benefit from more context on the impact of these events on Asda’s overall financial health and future prospects.
Noise Level: 3
Noise Justification: The article provides relevant information about Asda’s financial situation, including details about its auditor change and the impact on its results. It also mentions the company’s strategy and progress in 2023. However, there are some repetitive details and unnecessary information included, such as the mention of Primark at the end of the article.
Financial Relevance: Yes
Financial Markets Impacted: Asda
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to the financial performance of Asda and its auditor issues, but does not describe any extreme events.

Reported publicly: www.retailgazette.co.uk