UK markets open in 53 minutes
  • NIKKEI 225

    29,639.40
    -200.31 (-0.67%)
     
  • HANG SENG

    24,444.11
    +222.57 (+0.92%)
     
  • CRUDE OIL

    72.47
    +0.24 (+0.33%)
     
  • GOLD FUTURES

    1,766.00
    -12.80 (-0.72%)
     
  • DOW

    34,258.32
    +338.48 (+1.00%)
     
  • BTC-GBP

    32,219.77
    +1,318.33 (+4.27%)
     
  • CMC Crypto 200

    1,105.06
    +64.58 (+6.21%)
     
  • ^IXIC

    14,896.85
    +150.45 (+1.02%)
     
  • ^FTAS

    4,081.81
    +52.80 (+1.31%)
     

Australia's Coles posts profit jump, warns of pandemic 'volatility'

·1-min read
FILE PHOTO: A woman walks in the fruit and vegetables section at a Coles supermarket (main Wesfarmers brand) in Sydney

(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)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting