Tuesday, June 28, 2022

Metcash releases FY21 half year results

Metcash saw significant growth in sales volumes across all Pillars.

Group CEO Jeff Adams states, “It has been a standout first half for Metcash, with unprecedented sales growth underpinning a significant lift in earnings and cash generation”.

There were strong earnings growth with underlying Group EBIT up to 30.4% to $203.0m.

The Group revenue increased 12.2% to $7.1bn and 12.3% to $8.1bn including charge-through sales.

Mr Adam says, “Our independent retailers delivered strong ‘like for like’ sales growth in the Food, Liquor and Hardware store networks.

“It was pleasing to see our retailers continuing to invest in growing their businesses, including new stores and refurbishments despite challenging circumstances.”

Focusing on ‘food – sales’, supermarkets sales increased 14.6% to $4.1bn (+18.3% ex-Drakes).

Key drivers of higher supermarket sales include the change in consumer behaviour e.g., more home cooking and preference for local neighbourhood shopping.

Total liquor sales increased 14.3% to $2.0bn reflecting strong demand in retail network, and adverse impact of Covid-19 trading restrictions on ‘on-premise’ customers.

“We are well positioned to service the expected strong demand, particularly in South Australia where earlier this month we opened our new purpose-built distribution centre.

“The new facility improves the competitiveness of our retailers in South Australia through providing them with a wider range of products and increased efficiencies.”

Overall, Metcash says in their 2021 half year results report:

“Metcash is extremely proud of how its employees, suppliers and customers have responded to the evolving Covid-19 restrictions and the unprecedented demand across all Pillars.”

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