Farmer’s up 5.1% and Progressive up 10.4% on same-store basis
Foodland Associated Ltd increased second-quarter sales 29.6%, and 11.3% on a same-store basis (in $A).
In New Zealand, Farmer’s increased sales by 9.7% (in $NZ), including the Deka stores converted to Farmer’s annexes, and a contribution for part of the quarter from the mew Bayfair store in Tauranga.
Farmer’s same-store sales rose 5.1%, including transfer of sales from existing stores to the new Botany and Bayfair outlets.
Progressive’s supermarkets increased sales by 14%. The 10.4% same-store increase included a contribution from the resited Foodtown Takapuna (next to its old Barry’s Pt Rd site), and from the Countdown which replaced 3 Guys at Lynfield.
Excluding the Rattrays Cash & Carry business, sold in the second quarter of the previous year, wholesale sales (in $NZ) rose 2%, or 2.1% on a same-store basis.
FAL chairman Don Humphreys was wary of forecasting first-half 2002 results at the annual meeting in December because of the importance of Christmas trading to Farmer’s. With those results in hand, he said group profit from continuing operations in the 5 months to 31 December rose 19% (after numerous positive & negative exclusions).
These included gains on property sales, goodwill & lease premium amortisation, borrowing costs, tax & unusual items, but excluded the contribution from the new Action Queensland supermarket division (ex-Franklins).
The first-half 2002 results will include the $A3 million cost of trying to buy Woolworths NZ Ltd (like Franklins in Australia, from Jardine of Hong Kong), as an unusual item.
In Australia, FAL Wholesale increased sales by 13.1% in the second quarter. After adjusting for sales to new Action supermarkets, the comparable sales increase was 12.3%. Action bought 40 Franklins stores and added 3 stores in Western Australia. Total sales rose 121.4%, and same-store sales rose 7.3%.