Coles Annual Profit, Dividend Rise Despite Increased Costs

By Stuart Condie

SYDNEY--Coles Group Ltd. lifted annual profit 4.3% and raised its final dividend despite increased Covid-19 costs and the impact of Australia's east-coast floods.

The supermarket chain on Wednesday reported a net profit for the 52 weeks through June 27 of 1.05 billion Australian dollars (US$727.7 million). Sales revenue rose 2.0% to A$39.37 billion.

The board raised the final dividend to A$0.30 from A$0.28 a year earlier, for a full-year payout of A$0.63.

Coles said it incurred A$240 million of Covid-related costs from issues including staff absenteeism and hiring. That compared with about A$130 million in similar costs in fiscal 2021.

It recorded A$30 million in direct flood-related costs including stock and asset write-offs from the rain that inundated large swathes of Australia's east through its fiscal second half.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

08-23-22 1906ET