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.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
