The supermarket operator attributed the boost in sales to seasonal campaigns and rising digital revenueFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastSupermarket operator Coles has posted a surge in revenue from its groceries business, underpinning an 8.3% rise in annual profit to $1.1bn even as shoppers grappled with rising household costs.Australia’s second largest supermarket chain significantly expanded its profit margins from its supermarket business to 5.2% from 4.8% a year ago, and recorded a jump in the number of people shopping online as well as those buying its own brand groceries. Continue reading…
Source link : https://www.theguardian.com/australia-news/article/2024/aug/27/coles-reports-8-surge-in-annual-profit-to-11bn-amid-cost-of-living-crisis
Author : Jonathan Barrett Senior business reporter
Publish date : 2024-08-26 23:19:43
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Coles reports 8% surge in annual profit to $1.1bn amid cost-of-living crisis
