Supermarket Giant Reports $22.2 Billion Sales Revenue, Minor Profit Fall

Australian supermarket giant Coles has reported a $594 million (US$388 million) net profit after tax in the first half of the 2024 financial year, 3.6 percent less than the first half of 2023. However, the company reported a nearly 7 percent boost in sales revenue (pdf) to $22.2 billion in the first half of 2024, up from $20.8 billion in the prior corresponding half. Coles also provided an insight into the first eight weeks of the third quarter, noting supermarket sales revenue has already grown 4.9 percent. Shareholders appear to have responded positively to the results, with the company’s share price up 5.67 percent to $16.78 at the time of writing. In earlier trade, Coles shares soared nearly 8 percent to $17.13....