Supermarket giant Coles has lifted full-year profit by 5.7 per cent, buoyed by consumer stockpiling before the COVID-19 lockdown across the country.
Net profit excluding significant and other items was $951 million for 2019/20, compared to $900 million the year before.
Its statutory result was $978 million, down 31.8 per cent from $1.44 billion, although this included the impact of now discontinued businesses.
Coles’s retail sales revenue was up 6.9 per cent to $37.41 billion.
“Trading increased significantly in the latter stages of the third quarter as customers began pantry stocking in advance of COVID-19 social distancing measures being introduced,” Coles said on Tuesday.
“The associated transition to in-home consumption supported elevated trade through to the end of the year.”
Coles online sales revenue grew by 18.1 per cent to $1.3 billion for the year.
It will pay a final dividend of 27.5 cents, taking the total for the year to 57.5 cents per share.