Coles to focus on ‘value and quality’
Australian supermarket group Coles has said Australian consumers have remained ‘value-conscious’, and that the supermarket group will continue its focus on “value and quality” in the coming years.
“Facing a rising cost of living, consumers remain cautious and value-conscious,” said John Durkan, Coles’ Managing Director. “In addition, Coles operates in a highly competitive environment with competitors opening new stores at pace,” he said.
Mr Durkan said Coles is also set to invest in a range of new technologies to drive longer-term operating efficiencies and extend into “innovative new channels and services” such as multi-channel integration and financial services.
Coles’ parent company Wesfarmers yesterday released its 2014 Annual Report, following on from the 2014 financial year results, which Australian Food News reported were announced in August 2014. Wesfarmers announced a solid increase in underlying profit for the year ended 30 June 2014, with an operating revenue of $62.3 billion, an increase of 4.2 per cent on the previous year, and EBIT of $4,150 million, an increase of 13.4 per cent on the previous year. The Group’s net profit after tax was $2,689 million, an increase of 18.9 per cent on the previous year.
The Food and Liquor division of Coles reported revenue of $29,220 million, up 4.6 per cent on the previous year.
Coles and Wesfarmers both celebrate their 100-year anniversary in 2014. The first Coles supermarket was opened by GJ Coles in 1914. Today, Coles includes Coles and Bi-Lo supermarkets, Coles Express, Liquorland, Vintage Cellars, First Choice Liquor, Spirit Hotels, Coles Financial Services and Coles Online.
Coles is one of Australia’s largest retailers, providing fresh food, groceries, general merchandise, liquor and fuel to 19.9 million customers on average per week through its national store network and online platform.
The Company employs more than 99,000 team members and operates more than 2,300 retail outlets nationally. The supermarket group operates a network of 762 supermarkets, 831 liquor stores, 90 hotels and 642 convenience outlets operates throughout Australia from as far south as Kingston, Tasmania, to as far north as Casuarina, Northern Territory. Coles Financial Services has more than 400,000 Mastercard customer accounts and has issued more than 350,000 home, car and life insurance policies as at 30 June 2014.
Parent company of Coles supermarkets, Wesfarmers, has announced its 2016 financial year results.
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