Coles declares record final dividend

Coles has declared a record final dividend for the 2021 financial year, with profit and earnings rising slightly during the 12 months to June 30.

The company’s revenue rose $38.9 billion while EBIT firmed 6.3 per cent to $1.87 billion and profit advanced 2.8 per cent to $1 billion.

Growth in revenue was strongest in its liquor and express divisions, which grew by 6.6 and 7.7 per cent respectively.

Coles said in supermarkets, sales growth in the first seven weeks of the first quarter is approximately 1 per cent on a headline basis and 12 per cent on a two-year headline basis as a result of the elevated sales from COVID-19.

Liquor sales in the new financial year were flat on a year ago.

“Whilst the COVID-19 delta variant is presenting some new challenges, I would like to thank all levels of government for continuing to work with us to help keep our customers, team members and the community safe, including by providing priority access to vaccines in some critical areas,” said Coles chief executive Steven Cain.

“In February, we said the short-term outlook would be dependent upon the efficacy and pace of the vaccination program. Six months on, government forecasts are pointing to a more normal outlook from early in calendar 2022 including the longer-term prospect of increased migration.”

Coles declared a record final dividend of 28¢ a share, taking its total dividend for the year to 61¢ a share.

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