AUS: Metcash strikes Foodworks supply deal
Australian grocery wholesaler Metcash announced that it has reached a A$250m (US$209.7m) agreement to supply Foodworks today (3 September).
In a presentation to investors, chairman Carlos Dos Santos revealed first-quarter sales were "in line" with expectations, while CEO Andrew Reitzer reiterated guidance of 7-10% EPS growth over the full year.
In a separate statement, Metcash revealed that it has struck a deal to supply the 45 supermarkets and eight liquor stores that Foodworks is acquiring from Coles.
"At the wholesale level it is expected that the new Foodworks stores will add an additional A$250m of sales to Metcash in the first full year of operation,'' Metcash said.
Australia's second largest supermarket group Coles has posted a strong increase in first half sales as its turnaround efforts continue to pay off....
Wesfarmers today (18 February) posted a sluggish profits gain, boosted by the performance of its Coles supermarket business....
More Australian supermarket majors have agreed to end restrictive lease agreements that limit competition in local markets, the country's competition regulator said today (8 February)....
Woolworths Ltd, Australia's largest grocer, has launched a slew of price cuts, just days after arch-rival Coles said it would bring down prices across the country....
The powers of the Australian competition watchdog have been strengthened to increase competition in the country's grocery sector and curb the dominance of the two largest supermarkets, Woolworths Ltd ...
Tangerine Confectionery, the UK sweets firm, wants to double export sales as it expands its business in Australia....
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