Overview Key strengths Key risks Largest U.K. retailer with 3,786 stores as of Feb. 24, 2024, a leading domestic grocery player with complementary wholesale and food service operations, and total stores of 4,506 in all the five markets where it operates. Limited geographic diversification, with 90% of revenue derived in the U.K., which remains a highly competitive environment where large incumbents and discounters have a strong presence. Leading position in the U.K. with a market share of 28.0% according to Kantar Worldpanel as of Sept. 29, 2024, significantly ahead of the second largest peer, Sainsbury?s with 15.2%. Significant lease commitments that continue to account for the bulk of operating and financial leverage, with £7.6 billion of lease liabilities resulting in
