Supermarket Giant Reports $22.2 Billion Sales Revenue, Minor Profit Fall

Coles shares rose nearly 8 percent in early morning trade, before pulling back slightly.

General view inside the new Automated Distribution Centre at Coles Redbank in Brisbane, Australia, on April 27, 2023. Chris Hyde/Getty Images for Coles

Australian supermarket giant Coles has reported a $594 million (US$388 million) net profit after tax in the first half of the 2024 financial year, 3.6 percent less than the first half of 2023.

However, the company reported a nearly 7 percent boost in sales revenue (pdf) to $22.2 billion in the first half of 2024, up from $20.8 billion in the prior corresponding half.