Australian grocery wholesaler Metcash has reaffirmed its full-year outlook after revealing that first-quarter sales were in line with expectations despite the increasingly difficult trading environment.
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Addressing investors at the company’s AGM in Sydney today (4 September), CEO Andrew Reitzer confirmed EPS guidance of A$0.283-A$0.293 per share.
“Despite the trading environment being tight, our first-quarter sales are in line with expectation and our major Blacktown warehouse in Sydney is back in action,” Reitzer said.
“All our organic and acquisitive growth strategies are working well. In particular our national produce network will be in place by the end of 2008 and we are on track to achieve a run rate of total fresh sales worth A$1bn (US$835m) by the end of the 2009 financial year,” he added.
The company has indicated that it is on the look-out for new acquisitions. It is seeking businesses with similar models where the Metcash’s key competencies can be employed, Reitzer said.
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By GlobalData“We have built up good momentum allowing us to strengthen our trading opportunities, invest in supply chain initiatives and provide greater returns to our shareholders,” Reitzer said.
