Growth At Coles, But No Data On Weekly Specials
Coles, which last year moved into weekly specials to take on Aldi, has seen both sales and profits grow for the 2021 financial year.
Sales revenue for the supermarket giant rose by 3.1 per cent to $38.6 billion, with $2.1 billion being from e-commerce sales, while net profit after tax grew 7.5 per cent to $1,005 million.
According to James Graham, Chairman of Coles Group, the strong figures are a testament to Coles’ resilience in the face of COVID-19.
“The result highlights the commitment of the Group to grow trust and shareholder value in a year marked by extraordinary community and business challenges.
“Pleasingly, significant progress has been made in the development of new operating systems and the investment in new technology platforms which will further strengthen our long-term performance,” he said.
Coles introduced weekly specials in mid-2020, pitting it against Aldi’s Special Buys which release every Wednesday and Saturday. There was no indication from Coles of how much these specials factored into the yearly results.