AUSTRALIA: Foodland reports robust Q2 sales
Australia's Foodland supermarket revealed a 29.6% jump in second quarter sales pushing its share price up 3% to a record A$14.21 (US$7.24).
The increase is above forecasts and has prompted analysts to upgrade their full-year profit predictions for Foodland toA$85m.
The company says that sales were strong over the Christmas period in both of its major markets, New Zealand and Western Australia. Foodland's managing director Trevor Coates also said that the economies of both countries looked strong going into the second half.
Despite the record share price analysts believe there is still room for improvement as the stock has a price to earnings multiple of 14, compared with its rivals Woolworths and Coles Myer which are both rated at over 20.
Foodland also announced that in the five months to the end of December it grew earnings by 19%.
In the second part of this week's focus on the Australian food retail market, David Robertson looks at Woolworths' main rival, Coles Myer, which accounts for around 16% of all retail spending in Austr...
With 76% of Australia's food retail market, just two companies, Woolworths and Coles, dominate the region. In a two-part review, David Robertson looks at both supermarket chains. The first article wil...
Australian retailer Coles Myer has reported annual sales up 13.3% to A$36.6bn (US$28.1bn) and said it is considering selling its Myer department stories....
Supermarket chain Woolworths has today (Friday) announced a sharp rise in sales for the year to 26 June, bolstered by strengthening food and liquor sales and acquisitions....
Supermarket chain Coles Myer has agreed to support a food industry proposal to promote the benefits to consumers of buying Australian-grown produce, according to the Age newspaper....
Supermarket chain Woolworths Ltd has refused to comment on reports that it is considering the sale of its A$1bn (US$753m) chain of national distribution centres, according to the Australian Associated...
Retailer Foodland has announced a delay in documents needed to complete the process of its demerger and sale to Woolworths and Metcash....
A charter promoting fair competition between potential buyers of independent supermarkets has started, Australian Competition and Consumer Commission chairman, Graeme Samuel, has announced....
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