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Australia’s Coles posts profit jump, warns of pandemic ‘volatility’
Australia’s Coles posts profit jump, warns of pandemic ‘volatility’
Published by maria gbaf
Posted on August 18, 2021
Global Banking and Finance Review
Company
Published by maria gbaf
Posted on August 18, 2021
(Reuters) – Australia’s No. 2 supermarket chain Coles Group on Wednesday reported a near 3% rise in full-year profit, but said conditions early in the first quarter remained volatile amid lockdowns fuelled by COVID-19 Delta variant outbreaks.
In supermarkets, sales growth in the first seven weeks of the quarter was about 1% higher than last year on a headline basis and 12% above fiscal 2019, Coles said.
Supermarkets like Coles and Woolworths benefited during last year’s lockdowns as customers went into a buying frenzy. With Australia reinstating restrictions to battle a resurgence in cases, investors are closely watching how the sector will fare this year.
The grocery chain posted profit after tax of A$1.01 billion ($725.60 million), compared with A$978 million a year earlier.
Coles declared a final dividend of 28 Australian cents per share, up from the 27.5 Australian cents a share declared a year earlier.
It expects to report gross operating capital expenditure of up to A$1.4 billion for fiscal year 2022.
The more than 100-year-old firm said sales for the year was A$38.6 billion, up from A$37.41 billion last year and in line with Refinitiv IBES estimates.
($1 = 1.3782 Australian dollars)
(Reporting by Soumyajit Saha in Bengaluru; Editing by Devika Syamnath)
(Reuters) – Australia’s No. 2 supermarket chain Coles Group on Wednesday reported a near 3% rise in full-year profit, but said conditions early in the first quarter remained volatile amid lockdowns fuelled by COVID-19 Delta variant outbreaks.
In supermarkets, sales growth in the first seven weeks of the quarter was about 1% higher than last year on a headline basis and 12% above fiscal 2019, Coles said.
Supermarkets like Coles and Woolworths benefited during last year’s lockdowns as customers went into a buying frenzy. With Australia reinstating restrictions to battle a resurgence in cases, investors are closely watching how the sector will fare this year.
The grocery chain posted profit after tax of A$1.01 billion ($725.60 million), compared with A$978 million a year earlier.
Coles declared a final dividend of 28 Australian cents per share, up from the 27.5 Australian cents a share declared a year earlier.
It expects to report gross operating capital expenditure of up to A$1.4 billion for fiscal year 2022.
The more than 100-year-old firm said sales for the year was A$38.6 billion, up from A$37.41 billion last year and in line with Refinitiv IBES estimates.
($1 = 1.3782 Australian dollars)
(Reporting by Soumyajit Saha in Bengaluru; Editing by Devika Syamnath)