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Coles posts $1.1bn profit amid grocery price surge and cost of living crisis (www.theguardian.com)

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Coles posts $1.1bn profit amid grocery price surge and cost of living crisis

Coles expands profit margins and posts a 4.8% rise in full-year annual profit

Supermarket operator Coles has recorded a surge in revenue from its groceries business, even as steep living costs prompt households to alter shopping habits and store theft escalates.

Australia’s second biggest supermarket chain posted a 4.8% rise in full-year annual profit to $1.1bn, supported by its strong food business which more than offset subdued liquor sales.

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