Via the AFR:
Coles’ net profit fell 29.4 per cent to $381 million in the six months ending December after Australia’s second largest food and liquor retailer booked $146 million in supply chain restructuring charges.
…Coles posted its 45th consecutive quarter of same-store food sales growth, but momentum slowed dramatically to 1.3 per cent in the December quarter from 5.1 per cent in the September quarter as the sugar hit from the Little Shop miniature plastic groceries promotion came to an end and the retailer stopped handing out free plastic bags.
The result was also marred by a 42.7 per cent fall in earnings from petrol and convenience retailing to $47 million, which more than offset a 3.7 per cent rise in profits from liquor to $84 million.
Here are the segments:
The consumer is steadily tightening on everything discretionary. There’s no more trips to servo when the supermarket is just that bit further down the road.
