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.
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.
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.
