Coles has reported a 4.8 per cent increase in profits as the supermarket said it was seeing signs food price inflation was easing.
The chain recorded $41.8 billion in revenue in the year to June, with the bulk of the income driven by a 6.1 per cent jump in supermarket sales.
Coles Group CEO Leah Weckert acknowledged the difficulties being faced by many customers as she hailed the supermarket's pricing policies for allowing them to maintain strong sales numbers. Picture: David Geraghty/The Australian However, Coles said the cost of bakery, grocery, and dairy products remained"elevated" suggesting there was still some way to go before pressure on household budgets eased completely.
Coles Group's alcohol sales, mainly driven by Liquorland, returned to growth over the period, but with a warning that customers were still focused on value for money. Supply chain disruptions had also played a role, the supermarket said, by increasing the amount of wasted fresh produce.
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