Coles (ASX:COL) profit up 7.5% in FY21 amid the pandemic

Retail giant Coles (ASX:COL) reports a net profit after tax of $1,005 million for the period ending 30 Jun 2021 (FY21), up 7.5 per cent from the prior year.

The supermarket group recorded sales revenue of $38.6 billion, up 3.1 per cent from the prior year with eCommerce sales responsible for $2.1 billion. Earnings before interest and taxes increased by 6.3 per cent to $1.9 billion. 

Growth was driven across all segments through strategic initiatives that resonated with customers spending more time living and working at home during Covid-19, despite incurring approximately $130 million Covid-19 costs during the year.

Fully-franked final dividend of 28 cents per share was declared. Total FY21 dividends payable increased 6 per cent to 61 cents from the prior year.

Coles expect Vaccinations to support normalising consumer behaviours and migration in 2022.

Shares in Coles Group (ASX:COL) are trading 1.31 per cent higher at $18.57. 
Finance News Network – Latest News