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Coles Maintains Dividend Amid Profit Decline

by Administrator Forexezy
February 26, 2024
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Coles Holds Dividend Steady Despite Decline in Half-Year Net Profit

In a recent report, Australian grocer Coles announced that it would be maintaining its dividend despite a decrease in half-year net profit. This change was partially attributed to the sale of its fuel and convenience business.

Financial Highlights

  • Half-year statutory net profit: 589 million Australian dollars (US$385 million), down 8.4% from the previous year.
  • Net profit from continuing activities: A$594 million, marking a 3.6% decline.
  • Underlying net profit from continuing operations: A$626 million, remaining relatively stable.
  • Earnings before interest and tax (Ebit) from continuing operations: A$1.06 billion, showing a slight increase of 0.6%.
  • Revenue from continuing activities: A$22.3 billion, indicating a 6.7% growth.

Operational Performance

Coles reported that the performance of its main supermarkets division drove the fiscal first half results, with sales revenue increasing by 4.9% due to elevated inflation. Additionally, liquor sales revenue saw a growth of 1.8%.

Future Outlook

Looking ahead, Coles shared that supermarket sales in the first eight weeks of the fiscal third quarter were up by 4.9%, supported by volume growth. The company noted deflation in fresh produce and meat, alongside a slowdown in packaged inflation. However, liquor sales revenue experienced a 2.2% decline during this period, attributed to reduced discretionary spending among consumers.

Industry Landscape

The supermarket sector in Australia is heavily dominated by Coles and Woolworths, with recent public scrutiny on rising living costs prompting regulators to launch an inquiry into supermarket pricing.

Overall, Coles remains focused on navigating these challenges and delivering value to its stakeholders in the evolving retail landscape.

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