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.

Morning Bell 27 March

Grady Wulff
March 27, 2024

Morning Bell 26 March

Grady Wulff
March 26, 2024

Morning Bell 25 March

Grady Wulff
March 25, 2024

Weekly Wrap 22 March

Sophia Mavridis
March 22, 2024

Morning Bell 22 March

Sam Kanaan
March 22, 2024

Market Insights: As Good as Gold

Grady Wulff
March 21, 2024

Morning Bell 21 March

Sophia Mavridis
March 21, 2024

Morning Bell 20 March

Sam Kanaan
March 20, 2024

Morning Bell 19 March

Sam Kanaan
March 19, 2024

Morning Bell 18 March

Sophia Mavridis
March 18, 2024

Weekly Wrap 15 March

Grady Wulff
March 15, 2024

Morning Bell 15 March

Sam Kanaan
March 15, 2024