Published 17 September 2005
Foodland Associated Ltd improved its net profit after tax by 7.8% in the 52 weeks to 31 July, then cut the return with $19.6 million spent on breakup costs.
The Perth-based retailer, owner of the Progressive Enterprises Ltd supermarket business in New Zealand, made $A113.7 million, falling to $A95.3 million once unusuals were taken off. The $A95.3 million result was 33.2% down on the previous year.
Earnings/share from continuing operations before unusuals & goodwill amortisation rose from A126.85c to A134.74c. Unadjusted basic earnings/share fell 33.6%, from A121.98c to A81.02c
Group ebita before unusuals, at $A250.5 million, was in line with FAL’s target’s statement and $A2.7 million above the previous year’s. Progressive supermarket ebita rose 8.6%.
Sales from continuing operations rose 7.6% to $A6.3 billion.
New Zealand supermarket sales rose 8.5% to $A3.6 billion. Sales to the franchise & supply division’s New Zealand banner franchise groups, Fresh Choice & SuperValue, rose 18.9% to $A277.6 million, lifting ebita by 16.8%. Total New Zealand operating revenue rose 6% to $A4.15 billion.
New Zealand supermarket earnings for the year rose by $A10.3 million, or 7%, to $A159.3 million. For the 2nd half, earnings rose $A6.5 million to $A82.2 million.
The New Zealand supermarket business was valued at $A997.7 million, down $A8.3 million, and the whole New Zealand business at $A1.088 billion, down $A114.6 million.
Related story today: FAL carve-up goes to 2 November vote