The result for the country’s second-largest supermarket chain was in line with expectations, but came as major retailers face political pressure over prices.
Already a subscriber?Coles rewarded shareholders with a larger dividend after delivering a $1.1 billion annual profit and improved margins, defying political heat on supermarkets and major retailers accused of gouging shoppers.
Shelf prices at Coles went up by 2.5 per cent on average for its grocery products over 2023-24, moderating in the June half to just 1.8 per cent. They rose 6.7 per cent in 2022-23. Unlike grocery, Coles’ liquor stores had an unsteady start to 2024-25 as revenue fell by 1.4 per cent, hobbled by the CrowdStrike outage in July.Coles and its larger rival Woolworths have faced considerable political pressure this year, with Labor commissioning inquiries into the supermarkets and their pricing policies.
“The company’s net profit after tax is 2.6 per cent, consistent with the previous year, with significant cost management efforts resulting in a $238 million saving,” Ms Weckert said on Tuesday.
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