Metcash boss Doug Jones says IGA stores are taking the fight to Coles and Woolworths, offering Australian households a “real value” alternative to the two supermarket giants.
Jones said successive interest rate rises and increasing grocery prices had started to affect shopper behaviour, with IGA well-placed to capitalise on customers looking for better deals and a wider range of products.
Shares in the ASX-listed grocery wholesaler shot up as much as 8 per cent on Monday after it beat market expectations with a 7.6 per cent jump in profits to $259 million in the 12 months to April 30. As the battle for consumer wallets intensifies, he said Metcash wanted to remind shoppers that there was choice in the grocery sector beyond the major supermarkets.
Jones said that while home building trends were starting to normalise, growing demand for smaller renovation programs benefited the business given its focus on serving small and medium building customers.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Metcash defies household squeeze to post record yearCEO Doug Jones said the new financial year has started off well, but higher interest rates and cost of living pressures are biting.
Read more »
‘They are sticking around’: IGA’s pandemic customers staying loyalMetcash says the grocery retailer has held onto the customers it attracted during the pandemic and that consumer demand is still solid despite successive rate rises.
Read more »
ASX LIVE: Shares to slip; Silk Laser strikes deal with Wesfarmers’ APIAustralian shares await instability in Russia; Wall Street slid broadly; Metcash boosts FY23 dividend; Lark downgrades sales forecast; Blockchain Australia announces new CEO. Follow here for more.
Read more »
How Aussie man was scammed out of hundreds of thousands by bank employeeAn Australian man living in London has revealed details of an extraordinary multi-million dollar fraud that almost cost him his house, business and his health. 7NEWS
Read more »
Pro-Russia protesters march on Kirribilli House, tell PM to keep hands off Russian embassyAround 20 protesters rallied outside the prime minister's Sydney residence with placards reading 'Who is Albo', 'deep state lap dog', and t-shirts sporting the pro-Russia military Z symbol.
Read more »
House rents grow 8.1pc amid early signs of easingEconomists predict house rents will moderate, but asking rents for units are experiencing record growth rates, and pressures from migration and limited housing supply remain.
Read more »