Profit warning puts dent in Metcash

 In Australia, Metcash/IGA, NewZealand
Metcash issued a shock profit downgrade at its annual meeting on Wednesday, warning that earnings per share could slump as much as 9 per cent due to cut-throat competition between the major supermarket chains, thrifty-minded shoppers and escalating fuel docket schemes.
Shares in Metcash dived nearly 6 per cent on the earnings warning from new boss Ian Morrice who was fronting his first AGM since replacing company veteran Andrew Reitzer.  Sydney Morning Herald – Read more…

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