Asda profits were up by 24% in 2023.

Pre-tax profit at the UK's third biggest supermarket chain hit £1.1bn for the year, as reported by Sky.#

It said profits were boosted by growing sales, which reached nearly £22bn for the year, and new stores opening.

It also said its loyalty app, used by around six million people, drove increased sales.

Sales for its clothing section, George, which was already the UK's biggest kidswear retailer, reached £1.5bn - a rise of 3.4%.

Despite this, Asda's market share slipped further behind Sainsbury's and Tesco to 13.6%, as it faced tough competition from Lidl and Aldi.

Over the last 18 months, Asda has been working to increase its convenience offer and now has nearly 500 convenience stores, including more petrol forecourts.