By Stuart Condie
SYDNEY–Australian supermarket supplier Metcash increased annual profit by 5.5% and said sales continued to grow at the start of its new fiscal year, but cautioned consumer behavior was changing due to inflation and higher interest rates.
Metcash on Monday reported a net profit for the 12 months through April of 259.0 million Australian dollars (US$173.0 million), compared to A$254.4 million a year earlier. Profit rose by 2.6% on an underlying basis to A$307.5 million.
Revenue increased by 4.2% to A$15.80 billion. The board declared a final dividend of A$0.11 a share for a full-year payout of A$0.235 a share, up 4.7% on-year.
Metcash said that sales were up 2.3% over the first seven weeks of its 2024 fiscal year.
“While demand continues to be solid in all pillars, the impact of higher interest rates and cost of living has started to impact consumer confidence and the behavior of some customers and shoppers in our retail networks,” Metcash said in a market filing.
Write to Stuart Condie at [email protected]
Read the full article here
