Trevor Coates, the managing director of Australia supermarket operator Foodland, said the group is aiming to build up a portfolio of 50 supermarkets in the eastern states of Australia.
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The group will acquire 36 or 37 Franklins stores following the breakup of that grocery chain, reported Dow Jones. Foodland will also acquire a distribution centre currently owned by Franklins’ Hong Kong-based parent Dairy Farm International.
In revenue terms, the additional stores will enhance Foodland’s balance sheet by slightly in excess of A$500m (US$257m).
Foodland today reported Q4 sales up by 6.5% to A$913.4m. Sales for the 12 months ended 29 July climbed 3.5% to A$3.63bn.
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