Coles has reported a $1.1 billion profit for the last financial year

Coles has reported a $1.1 billion net profit (after tax) for the 2023/24 financial year, up 2.1% from the previous year.

Revenue from sales grew by 7.6%, which the supermarket giantin part to a boost in online shopping.

Revenue is the total income a company earns from selling its products or services. Net profit is the amount of money left over after paying expenses and taxes.

CEO Leah Weckert said Coles has “endeavoured” to help customers “balance the household budget” during a year of increased “financial pressures on households and families”.

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Supermarkets in Australia

Coles and Woolworths control two-thirds of Australia’s supermarket sector. Woolworths will release its financial results on Wednesday.

Multiple inquiries are currently underway into how supermarkets set their grocery prices, including by the Australian Competition and Consumer Commission (ACCC). Both Coles and Woolworths have denied allegations of unfair price setting.

An interim report from theis due to be delivered to the Treasurer by the end of this week.