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Coles announces $1.1bn profit as millions of Australians battle cost of living crisis as inflation drives up food prices
Coles announced earnings of $1.1 billion for 2022-23
Supermarket inflation up 6.7% annually through June
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Coles announced a profit of $1.1 billion as millions of Australians battle a cost of living crisis.
The supermarket giant’s net profit after tax for the year ending June jumped 4.8% to $1.098 billion from $1.048 billion.
Supermarket inflation also rose by 6.7%, higher than Australia’s broader consumer price index of 6%.
Despite this, Coles promised it would focus on value as Australia’s second largest supermarket chain after Woolworths.
“Cost of living pressures are expected to persist for many Australian households and we will continue to focus on delivering value for confidence,” he said on Tuesday.
But Coles also hinted there were customers with savings able to pay more for premium products.
“At the same time, there are always customers looking for premium offerings and we will continue to innovate our portfolio of exclusive brands and adapt our ranges to meet all customer needs” , did he declare.
Supermarket revenue rose 6.1% to $36.746 billion, but alcohol revenue was flat at $3.61 billion.
Shareholders benefit from higher dividends, recouping 66 cents per share from 63 cents in 2021-22.
Coles reported $1.1 billion in profit as millions of Australians battle a cost of living crisis