Coles FY profit down 9.1% to $1.43 billion

Company News

by Rachael Jones

Coles (ASX:COL) full-year net profit for the period dropped 9.1 per cent to $1.43 billion.

Earnings before interest and tax (EBIT) is down 0.9 per cent to $1.46 billion.

Total revenue for the 12 months to June 30 was down 1.7 per cent to $38.4 billion.

Net profit before tax for the year includes a provision expense of $145.8 million relating to redundancies and lease exit costs for existing distribution centres that will be closed.

Since the reporting date the directors have determined to pay a total dividend of 35.5 cents per fully paid ordinary share.

Shares in Coles (ASX:COL) are trading 3.93 per cent higher at $13.76

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.