Metcash Limited (ASX: MTS) announced that 7-Eleven will not be renewing the current supply agreement with MTS following its conclusion on 12 August 2020.
- MTS was unable to reach the agreement with 7-Eleven on its supply requirements for the east coast, delivery routes and scheduling;
- Metcash concluded that these requirements would lead to supply being uneconomic for its Convenience business;
- Total Convenience annual sales to 7-Eleven are about $800 million, which comprise predominantly lower margin tobacco sales.
At AEST 01:20PM, the stock was trading at $2.6 per share, down by 11.3% from its previous close.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.
As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.