As Australians struggle with the high cost of living including soaring food prices, Coles has announced a $1 billion profit. 7NEWS
, Coles has announced a $1 billion profit.
“We have now delivered the third year of our transformation strategy, including significant growth in our eCommerce operations, coupled with additional efficiencies from our Smarter Selling program” Coles Group chief executive Steven Cain said.“We continue to focus on delivery of our vision to be the most trusted retailer in Australia and grow long-term shareholder value.”
Coles had attributed the fall to higher costs associated with supply issues such as COVID-19 and floods. The strong result in the second half of 2021-22 comes despite the company reporting a 3.8 per cent increase in supplier costs during that six months.“The need for the group to evaluate and respond quickly to a changing operating environment has never been more important as we focus on ensuring value for customers in an inflationary environment,” said chair James Graham.Underlying earnings for the supermarket division totalled $3.02 billion in the year, a rise of 0.
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