Coles Group 1H sales revenue A$23.62B

Coles Group 1H sales revenue A$23.62B

Coles Group Reports First Half 2023 Financial Results

Coles Group (ASX: COL) has released its first half 2023 financial results, showing mixed performance across key metrics. Revenue for the period totaled AU$20.9 billion, remaining flat compared to the same period in 2022. Despite stable revenue, the company reported a net income of AU$616.0 million, reflecting a 12% year-over-year increase. This improvement translated to an earnings per share (EPS) of AU$0.48, up from AU$0.41 in the prior-year period.

Profit margins also showed progress, rising to 3.0% from 2.6% in the first half of 2022. However, revenue fell short of analyst expectations by 2.6%, while EPS exceeded forecasts by 7.0%. Looking ahead, Coles anticipates annual revenue growth of 3.4% over the next three years, slightly outpacing the projected 3.2% growth rate for the broader Australian consumer retailing industry.

The company's share price has remained largely unchanged in recent weeks, according to market data. Analysts have noted one significant risk factor associated with Coles' operations, though specific details were not disclosed in the report.

Coles' results highlight resilience in profitability despite stagnant revenue growth. The company's ability to improve margins amid competitive pressures in the retail sector will be critical for sustaining long-term shareholder value. Investors are advised to monitor upcoming earnings releases and industry trends for further insights into Coles' strategic performance.

(https://finance.yahoo.com/news/coles-group-first-half-2023-201951353.html): Yahoo Finance, "Coles Group First Half 2023 Earnings: EPS Beats..." (August 2023).

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