Metcash result hit by ‘intense’ competition

 In Australia, Metcash/IGA, NewZealand
Metcash chief executive Ian Morrice says competition in the supermarket sector in the six months to October 31 was the most intense he has seen in his years in the top job, after the expansion of Aldi into his company’s South Australian stronghold hit its first-half result.
The food, alcohol and hardware supplier reported a $74.9 million profit for the half year ended October 31, below JPMorgan’s forecast of $78.4 million, while group earnings before interest and tax fell 4.2 per cent to $128.1 million, higher than Ord Minnett’s forecast of $122.6 million. Sydney Morning Herald – Read more…

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