Australian supermarket chain Coles Group Ltd. (COL.AX,CLEGF) reported Friday lower profit in its first half of fiscal 2026, despite higher sales revenues. In the seven weeks to third quarter, Supermarkets revenues increased, while Liquor revenue declined from last year.
In Australia, the shares were losing around 7.4 percent, to trade at A$20.56.
In the first half, net profit dropped 11.3 percent to A$511 million from A$576 million last year.
Adjusted net profit was $676 million, compared to $601 million a year ago.
Adjusted EBIT grew 10.2 percent year-over-year to $1.23 billion, and adjusted Group EBITDA increased 7.8 percent to $2.21 billion.
Total Group sales revenue increased 2.5 percent to $23.62 billion from prior year's $23.04 billion last year. Adjusted for the competitor industrial action in the prior corresponding period and excluding tobacco, Group sales revenue increased by 4.9 percent.
Supermarkets sales revenue increased 3.6 percent, while Liquor sales revenue dropped 3.2 percent. Supermarkets eCommerce sales growth was 27.0 percent, with digital engagement accelerating.
Further, the Coles Board has declared a fully franked interim dividend of 41 cents per share, with a record date of March 11 and a payment date of March 30.
Regarding the current trading, the company noted that in the first seven weeks of the third quarter, Supermarkets sales revenue increased 3.7 percent, and 5.3 percent excluding tobacco.
In Liquor, in the first seven weeks, sales decline moderated to 2.5 percent, with convenience portfolio continuing to deliver positive sales growth.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.