Coles profit growth feature in Wesfarmers annual report
Wesfarmers Limited announced its 2012 Full Year results on 16 August 2012. The publicly-listed parent company that owns the Coles supermarket chain, announced a net profit after tax of $2,126 million for the full year ended 30 June 2012, an increase of 10.6% on the previous year.
The big earner has been Coles supermarkets division which achieved a strong earnings growth of 16.3% to $1,356 million, building on the 21.2% earnings growth achieved in the prior year.
According to the 2012 Report, over the year, the Coles supermarkets division ‘Down Down’ and fresh produce ‘Super Specials’ campaigns and the reinvigoration of its flybuys loyalty program have succeeded in driving sales.
The Report emphasised the transformation of Coles’ supply chain, the completion of Easy Warehousing which, together with Easy Ordering, resulted in major improvements in on-shelf availability, lower levels of loss through waste and improved efficiencies for both Coles and its suppliers.
Into the future, Coles is to continue implementing its turnaround strategy, with a continued focus on value to help customers combat rising living costs. Coles will also be investing in a range of new initiatives to deliver sustainable grown in the longer term, including continued category and Coles brand development.