- Coles (COL) releases its full-year results, revealing modest revenue growth hasn’t hindered it from posting a $1 billion net profit after tax
- The supermarket giant recorded a 3.1 per cent increase in group sales revenue, bringing in $38.6 billion across its grocery, liquor and petrol businesses
- COL says it was widely impacted by COVID-19, with 11 seperate lockdowns recorded across FY21 while conditions remain volatile in Q1 FY22
- Coles shareholders will earn a final dividend of 28 cents per share, bringing the total dividend payment for the year to 61 cents
- Shares in the ASX-50 lister are slightly down at $18.36 per share
Coles (COL) has released its full-year results, revealing modest revenue growth hasn’t hindered it from posting a $1 billion profit.
The supermarket giant posted a $1.005 billion net profit after tax in its FY21 annual report on Wednesday, a 7.5 per cent increase on FY20’s profit.
COL’s group sales revenue grew by just 3.1 per cent, bringing in $38.6 billion across the company’s grocery, liquor and petrol businesses.
Comparatively, Coles managed to increase group sales revenue by 6.9 per cent during the 2020 financial year.
The subdued sales increase in FY21 may be due to the impact the COVID-19 pandemic has had on Coles, with 11 separate lockdowns occurring throughout the year.
Coles Chairman James Graham said it had been a challenging year.
“The result highlights the commitment of the group to grow trust and shareholder value in a year marked by extraordinary community and business challenges,” Mr Graham said.
COL noted the Delta variant of COVID-19 had created volatile trading conditions in Q1 FY22 as well and said mass vaccinations would boost its outlook.
“In February, we said the short-term outlook would be dependent upon the efficacy and pace of the vaccination program,” CEO Steven Cain said.
“Six months on, government forecasts are pointing to a more normal outlook from early in calendar 2022 including the longer-term prospect of increased migration.”
Coles shareholders will earn a final dividend of 28 cents per share, bringing the total dividend payment for the year to 61 cents, 6.1 per cent higher than FY20’s.
COL shares have ended Wednesday’s trading session down a slight 0.05 per cent at $18.34 per share.