At its full-year results released this morning, Coles' earnings before interest and tax , excluding a range of significant items, increased 4.7 per cent to $1.76 billion, a vast improvement on last year's 8.3 per cent decline.Full-year sales rose 6.9 per cent from the year prior to $37.4 billion, with sales at Coles' all-important supermarket sector up 6.8 per cent to $33 billion for the full year. Comparable sales for supermarkets grew 5.9 per cent.
Coles' prior financial year is not directly comparable due to it containing five months of contributions from the Kmart, Target and Officeworks business when the supermarket was still owned by retail conglomerate Wesfarmers. It was demerged in late 2018. "Some of the sales you're seeing are due to genuine business improvements, but some of the increase was down to people being at home rather than at pubs and clubs," he said.
Source: News Formal (newsformal.com)
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