Metcash profit falls 18 per cent on lower grocery earnings

 In Australia, Metcash/IGA, NewZealand
Metcash’s net profit fell 17.9 per cent to $169.2 million as the food, liquor and hardware wholesaler embarked on a five-year transformation plan aimed at reversing a drop in grocery earnings and securing the long-term future of independent retailers.
Underlying group net profit fell 10.9 per cent to $250.1 million in the 12 months ending April and underlying earnings per share fell 13.2 per cent to 28.3¢, in line with the company’s 13 to 15 per cent guidance in March.  Sydney Morning Herald – Read more…

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