Coles battles costs as food price inflation eases
Key Points
- Why it matters: Coles provides a frontline insight into cost-of-living pressures.
- Revenues rose to $41.8 billion, due largely to price increases earlier this year.
- The company will pay a final dividend of 30¢ per share, taking the total to 66¢
Coles chief executive Leah Weckert is battling cost headwinds this year with rising wages, growing theft in store and cost blowouts in its Ocado customer fulfilment centre which is likely to squeeze profitability – despite grocery volumes rising.
Ms Weckert declined to provide any profit forecasts, but is hoping that a new $1 billion-plus savings program over the next four years across the operations will help offset these inflationary pressures.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Retail
Fetching latest articles