IGA supplier Metcash has delivered a $142.2 million first-half net profit, up barely 0.3 per cent from a year ago, after tobacco sales dropped by 35 per cent.
Metcash has announced the creation of the Total Tools and Hardware Group – a merged entity of its Independent Hardware Group and Total Tools Holdings entities.
Cash-strapped Australians are hunting multiple supermarket aisles in search of bargains amid a post-COVID cost-of-living crisis which has seen significant belt tightening by mortgage holders and re
Wholesale distributor Metcash is benefitting from a continuing growth in sales as customers rediscovered neighbourhood supermarkets during the coronavirus pandemic.
Metcash has announced a $237.4 million write-down against its major food division just days after revealing 7-Eleven would not be renewing its $800 million supply contract.
Metcash shares have dropped more than 10 per cent to a four-month low after 7-Eleven chose not to renew its contract with the wholesale food and beverage supplier when it expires in August.
Metcash has swung to a $192.8 million full-year profit after cycling through its South Australian contract impairments, but its share price has taken a tumble after a decline in food earnings and higher finance costs weighed on the IGA supermarket supplier's underlying result.
Perth's grocery wars, amplified by giant Aldi's market push and price cuts by Coles and Woolworths, have claimed five struggling smaller supermarkets over the past five months.
Metcash shares have rallied after the supermarkets wholesaler announced a $125 million share buyback alongside an impairment-driven full-year loss of $149.5 million.
Metcash will take a $352 million hit in its full-year results due to weakness in the Western Australian economy and the decision of one of its South Australian supermarket customers not to renew its contract.
Investors have welcomed today's news that Wesfarmers plans to spin-off supermarket giant Coles and create a separately listed business that would rank among the 30 biggest on the Australian stock market.
Grocery wholesaler Metcash has lifted first-half profit by 24 per cent to $92.9 million, despite a drop in sales across its supermarkets business, with WA sales hit by increased competition and soft economic conditions.
Food and grocery wholesaler Metcash's earnings have taken a hit from intense price competition and Aldi's expansion into South Australia and Western Australia.
Woolworths has completed the sale of its profitable Home Timber and Hardware franchise as part of its $1.5 billion exit from the home improvement sector.
Woolworths has announced its exit from the home improvement sector, with all of its Masters stores to close in early December and the properties to be redeveloped by a private consortium, while its Home Timber & Hardware business is to be sold to Metcash.
The competition watchdog has waved through a $9 billion takeover of rail and ports giant Asciano, and approved Metcash's bid for Woolworths' Home Timber and Hardware business.
Metcash's core food and grocery business suffered a significant fall in profit as the group tried to keep up with the major supermarkets' price cuts, with the company warning of ongoing pressure in Western Australia following Aldi's expansion into the state.
SPECIAL REPORT: Home builder Julian Walter and company director Tony Howarth have spoken to Business News about how they are working together on the transition to the next generation at JWH Group.
Supermarket wholesaler Metcash has suffered a 12.7 per cent decline in underlying earnings as the food and grocery price war eats into its bottom line.
Recent sales in Perth's commercial property market show appetite remains for well-located assets with strong leasing profiles, but activity levels are still well down historically as the shadow of rising vacancies looms large over the city.
Realmark has announced the appointment of former Metcash WA general manager Paul Slaughter to the newly created role of chief operating officer, following earlier internal restructure at the compan
Wesfarmers-owned Coles has received approval from the Australian Competition and Consumer Commission for its proposed acquisition of three Metcash-owned Progressive Supa IGA supermarkets, but is yet to make a decision on the fourth.
The Australian Competition and Consumer Commission has raised concerns about the sale of four Western Australian Supa IGA stores to the Wesfarmers-owned Coles.
ALDI's imminent arrival in WA and continuing competition between the retail majors has sidelined many retail developers who just can't pay the big prices Coles and Woolworths will shell out for new sites.
THE lively start to the year for Perth's property market has continued, with four substantial retail and industrial properties changing hands in the past week in deals worth an estimated $275 milli
