Metcash sales up despite challenging conditions
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The news: Food and beverage wholesaler Metcash has posted a lift in sales despite economic conditions remaining challenging for consumers.
The numbers: It said group sales are up 6.1% in the fiscal year to 8 September, partly buoyed by recent acquisitions. Total food sales are up 17.9% from a year ago, liquor sales increased 2.7% while hardware sales rose 2.5%.
Last month, the company reported a 0.7% dip in annual profit for the year to June.
The context: The sales performance reflected volume growth and moderating inflation, demonstrating the business’ resilience and relevance of the independent network’s differentiated offer, according to Metcash's trading update ahead of the company’s annual general meeting later on Friday.
What they said: “The current economic conditions remain challenging and continue to impact consumer confidence. As a result, we expect the shift in consumer behaviour to more value conscious choices to remain in FY25,” chair Peter Birtles will tell investors at the meeting.
The source: ASX announcement
