The Australian
26th June, 2017
Wholesale grocer Metcash, which operates the IGA supermarket brand, says its annual net profit fell 20 per cent and its chief executive plans to step down.
Metcash said CEO Ian Morrice would retire in 2018 after completing five years in the role, although he intended to stay on until a successor is appointed.
Metcash’s net profit for the year through April totalled $171.9 million. The company attributed the 20 per cent decline partly to costs related to its recent acquisition of Home Timber & Hardware and implementing its “working smarter” savings program in its food and grocery business.
The company (MTS) declared a final dividend of 4.5 cents per share, restarting payments due to balance-sheet strength — read more
Dow Jones Newswires
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