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Highlights:
- Coles Group Limited (ASX:COL) ex-dividend date for 1HFY23 distribution is 2 March 2023.
- The company declared a 100% franked distribution of 36 cps for its 1HFY23 period to be paid on 30 March this year.
- COL is on track to produce AU$1 billion of cumulative Smarter Selling gains, which is expected to help offset inflation-related costs.
Australian retail giant Coles Group Limited (ASX:COL) stock goes ex-dividend tomorrow, 2 March 2023, for its upcoming interim dividend. So, today is the last day to buy COL shares if you want to pocket its dividend and don't own its shares yet.
On 21 February 2023, Coles Group released its 1HFY23 results ended 1 January 2023. The company declared a 100% franked distribution of 36 cps for its 1HFY23 period to be paid on 30 March this year. The ex-dividend date is tomorrow (2 March), and it has a record date of 3 March this year.
This 1HFY23 distribution is 9.1% higher than the 33 cps paid in 1HFY22.
The company has retained its industry-leading distribution objective of a payout ratio of 80%-90%. It has been consistent in making distribution payments and had previously declared a final distribution of 30 cps for the FY22 ended 26 June.
Coles 1HFY23 results
During the reported period, COL’s sales revenue from continuing operations increased by 3.9% to AU$20.8 billion from AU$20 billion in pcp. It was attained in spite of rising pandemic demand in the pcp and challenges as an outcome of floods and substantial rail outages.
EBIT (from continuing operations) went up by 9.9% to AU$1,058 million, amid gains from Smarter Selling and decreased COVID-19 related costs.
The company’s 1HFY23’s NPAT rose 11.4% to AU$616 million from AU$553 million in pcp. In the reported period, basic earnings a share grew 11.6% to 46.3 cents, up from 41.5 cents in 1HFY22.
Coles 1HFY23 operational highlights
During the first half period, the company's Smarter Selling program generated gains of around AU$100 million, which partially offset cost pressures arising from inflation.
Further, the company notified about divesting Express fuel and convenience business to Viva Energy (to be concluded in 4Q FY23). This transaction enabled Coles to emphasise its omnichannel supermarket and liquor segments.
Coles share price
On 1 March 2023, COL stock was trading down by 0.385% at around 1:02 pm AEDT at a price of AU$18.11. Since releasing its 1HFY23 results on 21 February 2023, the stock has marginally risen by 0.27% (as of 1 March 2023).
Coles FY23 outlook
COL is on track to produce AU$1 billion of cumulative Smarter Selling gains by the close of fiscal 2023 throughout its four-year program. The planning for Smarter Selling 2 program is well-advanced.
The Smarter Selling program is expected to help in offsetting inflation-related costs, headwinds in markdowns, and loss of security as an outcome of rising theft and enable the company to make a reinvestment in the business.
In the present quarter, from the mid-January period, the Supermarket division’s volume growth has returned to a modestly positive phase.
