Markets

Metcash’s IGA sales have come in flat in the face of strong competition

Metcash half year group revenue up 2.2% to $6.2 billion. Statutory profit after tax up 3% to $95.8 million. Supermarkets sales flat at $3.6 billion, with “highly competitive market conditions” continuing. Metcash reported flat half year supermarket sales at $3.6 billion as the retailer faced increased competition. Sales growth in […]
Metcash’s IGA sales have come in flat in the face of strong competition
Markets

Metcash shares jump despite a full year loss from IGA supermarkets

Metcash posted full year sales revenue up 4.3% to $14.5 billion. Underlying profit after tax was up 10.7% to $215.6 million but the statutory loss after tax was $149.5 million. The loss includes impairments of goodwill and other net assets of $345.5 million connected with IGA supermarkets. Metcash today reported […]
Metcash shares jump despite a full year loss from IGA supermarkets
Markets

Shares in Metcash are soaring

Shares in Metcash jumped after the retailer posted a strong rise in half year profit. A short time ago, the shares were up 9.8% to $3.02. The operator of IGA supermarkets posted a 24% lift in profit to $92.9 million in the first half.
Shares in Metcash are soaring
Markets

Metcash’s profit is up despite a fall in supermarket sales

Metcash managed to lift profit 24% to $92.9 million in the first half despite a slump in sales at its IGA supermarkets. Food sales fell 1.4% to $4.36 billion and supermarket sales by 0.8% to $3.63 billion with “intense competition” in a tough market. “The first half results were very […]
Metcash’s profit is up despite a fall in supermarket sales
Markets

The new CEO of Metcash is a supermarket expert

Metcash today announced that Jeff Adams, a retail executive with long experience in supermarkets, will be the new CEO of the operator of the independent chain IGA. He will succeed Ian Morrice who notified the board of his intention to retire in 2018 after five years in the role. Adams […]
The new CEO of Metcash is a supermarket expert