Metcash Results Affected by Intensifying Competition in Supermarkets, as Expected
No-moat-rated Metcash reported underlying net profit after tax of AUD 82.8 million in the first half of fiscal 2017, down 4.7% from the first half of fiscal 2016. The decline in underlying profit was mainly due to the 8% decrease in operating profit, or EBIT, in the food and grocery business. This was partially offset by EBIT increases in the liquor and hardware segments of 5% and 8%, respectively. However, the food and grocery business remains the key driver of profitability, representing about...Metcash is a wholesaler and distributor, supplying and supporting independent retailers across the food, grocery, liquor and hardware industries. Co.'s reportable segments are as follows: Food and Grocery, which comprises the distribution of dry grocery, perishable and general merchandise supplies to retail outlets; Liquor, which comprises the distribution of liquor products to retail outlets and hotels; as well as Hardware, which comprises the distribution of hardware supplies to retail outlets and trade customers.
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