DRIVEN by strong supermarket division performance, the nation’s second largest red meat retailer, Coles Group, returned total sales revenue of $44.35 billion for its full year ended 30 June, up 3.6pc on the previous year.

Announced this morning, pre-tax earnings across Coles’ combined supermarkets and liquor divisions reached $4.05 billion, up 10.7pc.

Supermarket division sales reached $39.98 billion, up 4.3pc, while underlying pre-tax earnings were $3.89 billion, up 11.6pc.

Retail sales revenue was supported by solid volume growth, driven by both the number of transactions and basket size.

Customers responded positively to the seasonal ‘Great Value, Hands Down’ value campaigns, a focus on fewer, but deeper promotions and the expanded range of products on everyday low prices, Coles told shareholders this morning.

Following a strong trend over the past five years since COVID, Coles eCommerce (online) sales of $4.5 billion represented an increase by 24.4pc, involving 11.2pc  of all supermarket customers.

In the fourth quarter (1, April to 30 June), total supermarkets price inflation remained stable at 1.5pc. While inflation eased in the overall fresh foods category, fresh produce and red meat continued to be the largest contributors to total supermarket price inflation, with increases seen in lamb and beef livestock costs.

During the year, Coles grew its supermarket network by eight stores, taking its total to 860 stores. Rival Woolworths operates about 103o supermarkets nationally.

• Supermarket competitor Woolworths releases its annual financial results next week – 3 September.
• See today’s separate report on Coles’ deforestation-free beef announcement, as part of its annual sustainability report