Marketing and distribution company Metcash Limited
(ASX:MTS) has cut its full year earnings guidance after reporting a first half profit fall.
The grocery wholesaler’s first half net profit dropped 13 per cent to $82 million while revenue rose 3.5 per cent to $6.3 billion.
CEO Andrew Reitzer says Metcash’s result was impacted by more than expected closures of its Franklins stores.
As a result the company has cut its full year underlying earnings per share guidance to between -2 per cent and -6 per cent.
A fully franked interim dividend of 11.5 cents per share has been declared.
