Strategic rationale for the acquisitions
Trading update and outlook
Group
.
Total Group sales for the nine months ended 28 January 2024 increased 0.9%
compared to the prior corresponding period, reflecting growth in the Liquor and
Hardware pillars, with sales in Food (including tobacco) flat
Total Group sales in Q3 of FY24 were 0.4% lower, driven by moderating inflation
and a shift in the Christmas / New Year holiday period, with builders breaking
earlier and returning later than in the prior corresponding period
Both the Food and Liquor pillars have continued to perform well supported by
their improved competitiveness and differentiated value proposition
In Hardware, while demand has remained subdued in Q3, the business continued
to perform better than the market and remains ideally placed with leading
market positions to capitalise on an improvement in consumer confidence and
activity levels
Continued strong focus on costs, interest and working capital
The Group EBIT margin percentage for the eight months to December 2023 was
broadly in line with 1H24
Metcash remains well positioned for future growth and strong returns through
the cycle with a resilient and diversified business portfolio
Pillar sales - Nine months ended 28 January 2024
Food
• Total Food sales ex-tobacco increased 5.1%, and are flat including tobacco
• Supermarkets wholesale sales ex-tobacco increased 5.3%
Liquor
Volume growth in Q3
Inflation continued to moderate (YTD: 5.6%, Q3: 3.9%)
• Total Liquor sales increased 1.4%
Wholesale sales to retail customers +1.5%
Wholesale sales to on-premise customers -1.5%
Hardware
• Total Hardware sales increased 2.6%
IHG sales decreased 0.5%
Total network sales²
YTD: +0.6% (LfL: -1.5%)
• Total Tools increased 17.5%
Total network sales³
YTD: +2.8% (LfL: -2.6%)
1.
2.
Sales information is presented for the nine months ended 28 January 2024 (YTD), versus the prior corresponding period (except as noted). Q3 represents sales during the three months of the third quarter (Nov-23 to Jan-24). LfL represents 'Like-for-Like' sales. Sales includes charge
through revenue
IHG retail network sales based on a sample of 371 retail network stores that provide scan data (represents >85% of sales)
3.
Total Tools retail network sales based on 114 network stores scan data as at 27 January 2024
Metcash
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