Australia's Coles Group experienced a drop in first-half profit.

Australia's Coles Group reported a 3.6% drop in first-half profit amid rising costs such as higher lease costs and interest rates. Despite significant cost pressures within the business, the company still managed to increase its revenue by 6.8% to $22.2 billion, while its supermarkets division saw a 4.9% rise in revenue. However, Coles' net profit after tax from continuing operations dropped to A$594 million ($388.36 million) compared to A$616 million a year ago.

February 26, 2024
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