Metcash Shares Are Tanking After A Weak Sales Result

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Shares in Metcash, the operator of IGA supermarkets, slumped more than 16% after it announced a weak six monthly profit result.

The company said sales revenue increased 1% to $6.6 billion for the six months to the end of October.

Underlying net profit fell 9% to $101.7 million.

Metcash, mainly a wholesaler of goods, says its restructure plans are on track to deliver results.

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