Australian supermarket chain Coles has reported total sales revenue of A$20.8bn ($14.31bn) from its continuing operations in the first half (H1) of fiscal 2023 (FY23).
The figure represents a 3.9% increase from the same period of fiscal 2022 (FY22).
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In the 26 weeks to 1 January, the retailer’s gross retail sales from continuing operations were A$21.5bn, up by 4.6% from a year earlier.
Its sales revenue from both continuing and discontinued operations grew by 4.0% to A$21.4bn.
Coles’ earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 7.6% in H1 2023, while its earnings before interest and taxes (EBIT) from continuing operations rose by 9.9%.
Its net profit after tax from continuing operations was A$616m, up by 11.4% from the prior-year period.
In addition, Coles’ basic earnings per share (EPS) from continuing operations grew by 11.6% to A$46.3 in the six-month period.
Coles CEO Steven Cain said: “We continue to make progress on growing long-term shareholder value by executing our strategy, while recognising the significant ongoing challenges facing many of our customers and suppliers.
“The good news is that supplier cost inflation is starting to ease in the third quarter, particularly in produce.
“Many of our suppliers are, however, still facing increasing cost pressures and shortages of pallets, raw materials and labour.
“This has been coupled with increased severe flooding impacting our road and rail networks, particularly for Western Australia and Far North Queensland.
“We are working together with our suppliers, and both State and Federal governments, to improve food supply chain resilience for all Australians.”
Coles closed five sites in H1 2023, taking its total network to 706 sites.
Last year, the company joined with several other Australian retailers to form the Soft Plastics Taskforce, which aims to address soft plastic recycling in Australia.
