- Coles reported profits of $1.1 billion
- Annual financial results revealed on Tuesday
Coles’ profits rose 8 percent to $1.1 billion.
The supermarket giant announced its annual financial results on Tuesday morning, showing that revenue followed the same upward trajectory, rising 4.4 percent over the year to $43.6 billion.
Total dividends to shareholders increased from 66 cents per share to $0.68.
The results cover the Coles Group, including Coles and Coles Local stores, Liquorland, First Choice Liquor Market and Vintage Cellars.
“There were a number of challenges throughout the year, including changing customer behavior, increased external scrutiny and cost inflation,” said CEO Leah Weckert.
She added that financial pressure at home was “a priority.”
Australians battling the cost of living crisis and opting for home-cooked meals instead of nights out have been blamed for stronger-than-expected sales and profits.
“We continue to see signs that customers are moving away from eating out, and our Coles Finest range and ready meals remain the fastest growing categories,” Weckert said.
Coles profits have grown by 8 per cent to $1.1 billion
This comes after the supermarket announced in February that its sales had increased but its profits had decreased.
Coles’ sales revenue rose 6.8 per cent to $22.2 billion in the 27 weeks to December 31, but its profit fell 3.6 per cent to $616 million, compared with the same period last year.
More to come
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