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- Coles Group (COL) posts a 4.8 per cent increase in full-year profit to $1.09 billion for FY23
- The company also reports a 5.9 per cent increase in total sales revenue, reaching $40.5 billion
- EBITDA also saw a 3.8 per cent lift in FY23, surpassing $3 million
- The company is distributing a fully franked final dividend of 30 cents per share
- COL shares are down 6.04 per cent, trading at $16.19 at 12:25 pm AEST
Coles Group (COL) has unveiled its results for the 2023 financial year, reporting a 4.8 per cent increase in full-year profit to $1.09 billion.
As inflation has led to higher supermarket prices, the company recorded a 5.9 per cent increase in total sales revenue, reaching $40.5 billion.
The fourth quarter (Q4) stood out, with supermarkets experiencing an eight per cent growth in sales, while the liquor segment recorded a 2.9 per cent increase.
Earnings (EBITDA) also saw a 3.8 per cent lift in FY23, surpassing $3 million.
Additionally, Coles announced it successfully achieved its $1 billion target from its four-year ‘Smarter Selling Target’ program.
The company has remained committed to its shareholders, distributing a fully franked final dividend of 30 cents per share.
“During the year there have been many highlights including achieving our highest-ever team member engagement score amongst our 120,000 team members, reaching our target of 40 per cent women in leadership and opening our first Automated Distribution Centre at Redbank in Queensland,” COL Chair James Graham said.
“As we look forward to our 2024 financial year, we have a strong leadership team with our recently appointed CEO, Leah Weckert, and a number of significant new appointments ensuring we are well placed to meet our aim of building trust and creating long-term shareholder value.”
Additionally, Coles achieved a 9.2 per cent reduction in the total recordable injury frequency rate (TRIFR) for FY23 compared to FY22.
COL shares were down 6.04 per cent, trading at $16.19 at 12:25 pm AEST.
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