How are Coles’ (ASX:COL) shares faring on the ASX today?

December 16, 2022 02:03 PM AEDT | By Tamnna

How are Coles’ (ASX:COL) shares faring on the ASX today? — Image source: © Nilsversemann | Megapixl.com

What has been happening at Coles?

Annual general meeting (AGM) 2022:

Last month on 9 November 2022, Coles shared its annual general meeting (AGM) 2022 results via ASX filing. Below are the key highlights of Coles’ FY22 financial update:

For FY22, Coles’ full-year sales saw an increase of 2%.
Despite Coles spending AU$240 million in COVID-specific costs, earnings before interest and tax remained at previous corresponding period levels.
A 2% share increase in full-year dividends to 63 cents per share was supported by a 4% increase in profit after tax during FY22.
Coles saved around AU$230 million in the past year, including energy savings, loss prevention, realignment of the meat operating models, and more.
Coles’ total recordable injury frequency rate (TRIFR) decreased by 14.7% for personal use only.
The company partnered with more than 8,000 suppliers and spent AU$31 billion with them during FY22.
Sales in supermarkets and liquor were both up more than 2%.
eCommerce revenues throughout the group increased by 42% in FY22 to almost AU$3 billion.
Coles continued to make progress during the year toward our goal of reducing Scope 1 and Scope 2 emissions by 75% by 2030 compared to baseline 2020 levels.

Q1 FY23 Update:

On 26 October, Coles published its Q1 FY23 results; below are the key highlights:

For the first quarter of FY23, Coles generated group sales revenue of AU$9.9 billion and group retail sales of AU$10.2 billion.
Q1 comparative sales increased by 2.1% in supermarkets and 0% in the express sector.
On the other hand, Q1 comparative sales decreased by 4.1% in the liquor section.
The company witnessed three-year headline sales growth of 7.5% in express, 15.2% in liquor, and 13.8% in supermarkets.

Talking about Coles’ Q1 FY23 update, Steven Cain, CEO and MD of Coles, said:

Data Source: Company announcement dated 26 October 2022

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.