Metcash Limited (ASX:MTS) released its financial results for full year ending 30 April 2020. Some of the highlights include:
- Group revenue increased 2.9% to $13 billion with sales growth in the Food and Liquor pillars partly offset by a decline in Hardware
- Total food sales by 3.5% to $9.1billion, increase in liquor sales by 0.3% to $3.68 billion but partially compensated by drop in hardware sales by 1.3% to $2.08 billion.
- Group’s underlying EBIT dropped 1.8% to $342.2 million, impacted by tedious lease requirements and termination of supply to Drake supermarkets in South Australia. EBIT increased by about $12 million after adjusting for these items.
- A loss after tax of $45.9 million includes impairments to goodwill and other assets in 1H20
Moreover, MTS has entered in the final stage to acquire 70% of the Total Tools Holding Pty Limited for roughly $57 million. MTS started FY21 positively with continued sales growth and has planned to pay a final dividend of 6.5 cents per share for FY20.
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