Australian grocer Metcash has posted rising half-year profits thanks to sales growth across the business.
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The company posted a 30.4% leap in net profit after tax to A$86.2m (US$x), on the back of a 6.4% rise in wholesale sales to A$4.9bn.
“This is another excellent result in a period of significant market upheaval, including two months of heavy price discounting,” said Metcash CEO Andrew Reitzer.
“In Metcash’s core distribution division, new store growth and store reinvestment continued strongly, and sales growth of 7.1% was generated. Like for like growth, excluding new stores, was high at 6.5% during a period of intense price competition.”
Metcash booked a robust set of first-half figures, despite a price war initiated by Coles Group, Australia’s number two grocer.
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By GlobalData
