Coles’ revenue rises on higher supermarket, liquor sales
Supermarket chain Coles booked higher revenue in the fiscal first half, thanks to a sales increase across all segments.
However, while group earnings before interest and taxes rose by 0.6 per cent to $1.1 billion, post-tax net profit slid 3.6 per cent to $594 million.
The company’s revenue rose 6.8 per cent year over year to $22.2 billion as supermarket revenue went up 4.9 per cent to $19.8 billion and liquor revenue climbed 1.8 per cent to $2.0 billion. Revenue from other segments stood at $450 million.
Coles attributed the higher supermarket revenue to its successful execution of key seasonal events including Christmas, Halloween, and Father’s Day, and a positive response to the Curtis Stone BBQ continuity campaign.
Meanwhile, liquor revenue rose due to e-commerce growth and contribution from new stores.
During the period, Coles completed 11 store renewals, opened five new stores, and closed one, taking its total store count to 850 across Australia.
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