Tag: MTS

Independent grocery and hardware supplier/wholesaler Metcash says losing a key supply contract to the 7-Eleven convenience store chain from next year has forced it to make write-downs and asset impairments totaling more than $310 million.

The building (especially housing and renovations) slowdown continues to grab leading retail chains. Shares in independent grocer (IGA) and hardware group (Mitre 10) Metcash have dipped 3% to a day’s low of $2.75 yesterday after the annual meeting was told that growth in the hardware division had slowed in the first quarter which ended July 31.

Metcash shares suffered more losses yesterday after several broker downgrades on the back of the weak full-year results on Monday.

The retail malaise hit Metcash, the supermarkets, liquor and hardware retail group in the 2018-19 financial year.

Metcash has outlined an expenditure program designed to lift all areas of its business over FY20-24. Brokers contemplate the outlook in light of the latest trading update.

Shares in grocery and hardware wholesaler Metcash were sold off in yesterday’s big surge after it produced a less than impressive set of half-year figures and a weak outlook.

Metcash seems to have sorted out its problematic South Australian operations by signing the head of an agreement for a long-term supply arrangement with Foodland Supermarket, the governing body for independent Foodland supermarket retailers in South Australia.

Metcash shares jumped by almost 10% yesterday in early trading after it revealed a $125 million buyback that was designed to soften the blow from what was a weak result for the year to April 30.

Supermarkets, liquor and hardware group, Metcash will report a big blob of red ink for its 2017-18 financial year later this month after taking an accounting axe to its asset base, lopping $352 million from the value of its supermarkets and convenience store business. The news was released to the markets before trading which saw Metcash shares lose 2.1% to $2.70.

The three and a bit year of turnaround at Metcash under just retired CEO, Ian Morrice, has paid on in spades in a sharp improvement in first half profit and the first dividend for more than three years.

Food, grocery wholesaler and hardware group, Metcash has been quick to find a replacement for its existing CEO, Ian Morrice.

Shareholders in grocery wholesaler and hardware operator, Metcash will be happy – they will get a dividend earlier than expected after suffering for 18 months as the company revamped itself, consolidated the Mitre 10 and other acquisitions and fought off the intensifying competition in supermarkets from Aldi, Woolworths and Coles.

Metcash (MTS) shares fell 4.9% yesterday (making it one of the biggest fallers on a generally positive day of trading) after media reports emerged of the retail/wholesaler have trouble driving sales growth.

Investors are maintaining their belief in Metcash’s recovery story and the strategy of CEO, Ian Morice, especially as there is the hint dividend will resume in a year’s time.

Metcash (MTS) shares hit more than two-month highs after it bought the Timber & Hardware Group for $165 million. It was a positive sign for Metcash as it tries to build a viable rival to the mighty Bunnings.

Metcash is making is second and almost certainly last attempt to marshall a viable competitor to Australia’s dominant hardware retailer, the Wesfarmers-owned Bunnings.

Metcash has been given the OK by a key regulator for its rumoured acquisition of Woolworths’ Home Timber & Hardware (HTH), setting up a merger between its Mitre 10 network and the creation of a viable challenger to Bunnings, the sector leader owned by Wesfarmers.

While one retailer in Dick Smith (DSH) crashes, another unwanted in Metcash (MTS) had its day and seems to be on the comeback trail after the market liked the nitty gritty of its 2015-16 interim result yesterday.

Metcash (MTS) shares ended the day with a small gain after confirming last week’s surprise earnings downgrade, lower trading profit and the abandonment of dividends for 18 months.

Investors took their revenge on Metcash (MTS) yesterday for shocking the market with a massive $604 million write down and the suspension of the dividend not only for the last half of the 2014-15 financial year, but 2015-16 as well.

Metcash (MTS) shares fell to their lowest level for more than 11 years yesterday following a weak half-yearly results announcement which calls into question the company’s current business strategy.

Metcash (MTS) shares were treated kindly by investors yesterday after the company unveiled lower sales growth for the year to April, as well as lower earnings and a lower dividend.

Sneaky, sneaky Metcash (MTS) – no wonder its shares were battered this morning after pushing out a profit downgrade on Thursday evening, and then the long awaited business revamp this morning.

A week ago, Metcash (MTS) was telling the market that while it was close to finishing a wide ranging review of the company, investors would be briefed on the proposed changes at an update day in March of next year.

Wholesaler/retailer Metcash (MTS), number 3 behind Woolies and Coles, faces more change in the New Year after reporting a moderate quality interim result yesterday and a cut to dividend.

Amid yesterday’s big market sell-off, Supermarket group and supplier, Metcash (MTS) stood out with a sharp, 6.7% jump in earnings for the year to April 30.

A big day for Metcash yesterday, with a reasonable and a convincing win over the ACCC on its $200 million takeover of the Franklins supermarket chain in NSW.

Grocery wholesaler Metcash Ltd has met and topped its reduced guidance and reported a 6% rise in annual profit for the 2011 financial year, but it has warned that it still faces challenging conditions over the rest of the calendar year.

Metcash shares eased yesterday to an eight month low yesterday after the company cut its 2011 full year profit forecast in half.

The competition regulator the ACCC has delivered another blow against the over concentration of competition in Australian business.

Depending on your point of view, Australian retailing has lost or gained a competitive force with the South African-controlled Franklins chain selling out to the formerly South African-owned Metcash.

While the grocery and liquor wholesaler, Metcash, reported a 12.4% rise in its 2010 net profit, it found the going hard in the closing months of the year to April 30, and expects more of the same for the rest of this year.

The country’s third force in groceries and liquor wholesaling, Metcash, has reaffirmed full year profit guidance of 7%-10% growth in earnings after meeting market expectations for its 2009-10 interim profit.