Metcash lowers full-year forecast
Grocery wholesaler Metcash has reduced its 2011 full-year earnings guidance on the back of difficult trading conditions.
The company yesterday cut its earnings growth to between 3% to 5%, down on the previously forecast 6% to 8%.
The reduced forecast was based on continuing food and liquor price deflation, value-driven consumer behaviour, escalating utility costs, unseasonal weather and high interest rates. Metcash added that the flooding in Queensland and Victoria has impacted operations, but the “full financial impact is yet to be determined”.
The group said that its market share “remains stable” at 16.9%, “validating the competitive initiatives undertaken during the year to maintain Metcash and its customers as the third force in the grocery landscape”.
The group said that it was “concerned” about its ability to achieve its forecast when it announced its first-half results in November due to the “extremely tight trading conditions”.
just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/
United Petroleum has purchased Pie Face for an undisclosed figure.
Grocery wholesaler, Metcash, has turned its profits around announcing a AUD$216.5 million profit aft...
Domino’s has lifted its earnings forecast for the 2017 financial year.
Sainsbury’s and Asda, the UK’s second and third largest supermarket chains, are currently in the mid...
Here's why growers say vegetable prices could soar next year.
As Australians continue to find new ways of keeping themselves entertained during COVID-19 self-iso...
The National Allergy Strategy has launched a free online course to help educate the food service ind...
Retail Food Group (RFG) has lowered its forecasted profits for its 2017 financial year.