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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.

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