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Coles Group Ltd's share price increased by approximately 2% after reporting its results for FY24.
Coles (ASX:COL) FY24 Report
Key highlights for the fiscal year ending 30 June 2024 include:
- Total Sales rose by 5.1% to $43.57 billion
- Underlying Continuing Operations EBITDA grew 8.7% to $3.77 billion
- Total EBITDA up 3.3% to $3.65 billion
- Total EBIT increased 3.7% to $2.04 billion
- Underlying Continuing Operations NPAT increased 9.9% to $1.2 billion
- Statutory Net Profit up 1.8% to $1.1 billion
- Final Dividend per Share increased 6.7% to $0.32
- Full-Year Dividend per Share up 3% to $0.68
Additional Insights
Coles has provided a variety of financial figures. The term ‘continuing operations’ indicates that Coles no longer owns Coles Express. The FY24 results include 53 weeks, rather than the standard 52. Had the year been 52 weeks, total revenue growth would have been 3.2%, and statutory profit would have decreased by 4%.
The company noted that its value proposition and loyalty programs are resonating with customers. eCommerce sales showed strong growth, with Coles supermarkets increasing by 30.1% and the liquor division by 9.2% on a normalized basis.
Coles has effectively managed costs, reported a favorable loss trajectory—including theft—and improved availability. The Simplify and Save to Invest program generated benefits of $238 million, with a 0.44% improvement in the loss rate during the second half of the year.
The automated distribution center (ADC) and customer fulfillment center (CFC) programs reached significant milestones, with the Queensland ADC fully operational and the NSW ADC and both CFCs completed and operational from July.
For FY24, total inflation for supermarkets was 2.5%. Excluding tobacco and ‘fresh’ categories, inflation was 3.4%.
Outlook for the Coles Share Price
In the initial eight weeks of FY25, supermarket sales revenue grew by 3.7%, showing positive volume growth and increasing momentum. However, liquor sales declined by 1.4%, with the overall liquor market remaining challenging.
The supermarket division is optimistic about the benefits expected from the new logistics facilities and continues to address product loss with technological advancements.
Coles is recognized as a strong performer among large ASX companies, delivering consistent revenue, profit, and dividend growth. Although it may not deliver extraordinary gains, steady profit growth and dividends contribute to overall returns, making it a stable and resilient choice in the ASX dividend space.
