Skip to main content

COVID-19 panic buying drives revenue

Paulina Peters
August 18, 2020

One of Australia’s supermarket giants, Coles (ASX:COL), released its full year financial results, here’s what you need to know.

Net profit after tax (NPAT) grew 7.1% to $935m, in line with market consensus expectations, however it fell short of Bell Potter and Citi’s expectation of $962.8m.

Earnings before interest and tax (EBIT) grew for the first time in four years, rising 4.7% to $1.76b, a considerable improvement compared to last year’s 8.3% fall.

A big part of FY20’s growth came as revenue soared 6.9% in the financial year to $37.4b, bolstered by COVID-19 panic buying and the shift to preparing more meals at home.

COL declared a total dividend of 57.5 cents per share including the final dividend of 27.5 cent per share fully franked.

Coles shares have gained 32% from their COVID-19 low but fell after their results were released. COL has remained a Citi and Goldman Sachs buy, but is a UBS sell.

Weekly Wrap 11 July

Bell Direct
July 11, 2025

Morning Bell 10 July

Bell Direct
July 10, 2025

Morning Bell 9 July

Bell Direct
July 9, 2025

Morning Bell July 8

Bell Direct
July 8, 2025

Morning Bell 7 July

Bell Direct
July 7, 2025

Weekly Wrap 4 July

Bell Direct
July 4, 2025

Morning Bell 3 July

Bell Direct
July 3, 2025

Morning Bell 2 July

Bell Direct
July 2, 2025

Morning Bell 1 July

Bell Direct
July 1, 2025

Morning Bell 30 June

Bell Direct
June 30, 2025