I don't hold as one can't have everything, but have a soft spot for IGAs in particular as the range the larger stores carry is often somewhat different to WOW/COL and terrible Aldi. On a recent visit to one in West Footscray, Melbourne, it had several items I could never find at my local WOW across the other side of town.
It's an outstanding result for Total Tools, a great buy for MTS if ever there was one, and a good result in hardware and liquor.
Sales growth in food doesn't appear to have matched inflation. Supermarkets continue to sell fewer packets of increasingly expensive cigarettes, as smaller percentages of each state's residents smoke. The figure must be down to less than 15 per cent of Oz's population. I don't know anyone who does, although my wife's workplace has some.
Net debt has risen substantially but it's below the high end of the targeted range. As accounting was always my worst subject, I will stick my head out and suggest it's at an acceptable level.
It's slightly encouraging that the first seven weeks' trading for FY 24 have been OK.
The store refurbishments MTS has undertaken in so many IGAs have been classy but it's the variety of items in bigger IGAs that win it my plaudits.
The increase in the dividend isn't much but better than a proverbial kick in the pants.
MTS Price at posting:
$3.59 Sentiment: Hold Disclosure: Not Held
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