/ 25 August 2022

Canned food is king at Coles

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Supermarket giant Coles said some customers were starting to feel inflation pressures as it reported a profit of $1.05 billion for the last financial year. That’s up from $1.01 billion a year earlier, thanks to extended lockdowns in Oz last year that saw many of us cooking/cleaning/living/snacking at home. But the company has forecast higher costs this financial year as inflation continues to impact its operations and customers. Coles boss Steven Cain said shoppers were buying fewer or cheaper products, with sales jumping for $1 pasta packs and canned/frozen fruit and veg. He said suppliers were still requesting price hikes on some products, but following its main competitor Woolworths – which reports its results today – Coles will freeze the prices of some popular products. Maybe we can withdraw our loan application to purchase lettuce…

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