EG group announces ‘resilient’ Q3 results

Asda owner EG group has announced a “resilient” set of results of the three months to 30 September 2022.

The group announced that its EBITDA increased 10% to $470m (£391m) on a constant currency basis.

EG opened 65 Asda ‘on the move’ convenience stores in the UK and Ireland which it believes has helped drive growth across its grocery and merchandise operations. Gross profit for the quarter increased 5% year-on-year to $387m (£322m).

The group’s foodservice operations continued to grow as it opened 14 new outlets. This saw gross profit increase 21% year-on-year up to $207m (£172m).

The group also unveiled two leadership appointments as part of the trading update. Group general counsel and company secretary, Imraan Patel has been promoted to chief strategy and business officer and Michael Bradley has joined the company as CFO.

Zuber Issa, co-founder and co-CEO, said: “ We are pleased with the third quarter performance, which again proves the resilience of our Group against the prevalent global uncertainty. During this period, the benefit of our geographic diversification was demonstrated as the performance of the US and Australian businesses offset the weaker UK trading.”

“Despite these macro-economic challenges, we continued to deliver against our strategic objectives by our ongoing investment in non-fuel retail, driving further innovation and cost efficiencies with our major brand partners and finally, strengthening our convenience store proposition with the ongoing rollout of Asda ‘On the Move’ across our UK forecourt network.”