Coles CEO Justifies Profit Amid Cost of Living Crunch
Published on February 28, 2024
The CEO of Coles Group has defended the supermarket chain’s right to earn a profit, arguing that the same cost of living crunch affecting customers is impacting the company’s earnings. Coles’ sales revenue was up 6.8 percent to $22.2 billion (USD $14.5 billion) during the 27 weeks ending on Dec. 31. However, its profit dropped by 3.6 percent to $594 million compared to the same period last year. Coles CEO Leah Weckert said the supermarket makes $2.60 for every $100 spent in its stores, a figure that has remained unchanged for five years. “Profits are an essential thing for any business,” she said, amid an industry-wide government inquiry into pricing practices....