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Reuters
Reuters
Business

Australia's Coles annual profit slumps 32%, still beats estimates

FILE PHOTO: People walk past a Coles supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 17, 2020. REUTERS/Loren Elliott

Supermarket chain Coles Group Ltd <COL.AX> said on Tuesday its full-year profit declined 32%.

Australia's second largest grocery chain reported net profit of A$978 million ($705.43 million) for the year ended June 30, compared with A$1.43 billion a year earlier, beating analysts' estimates of A$932.7 million, according to IBES data from Refinitiv.

(This story corrects to remove reference to higher costs related to coronavirus crisis and wage scandal in the first paragraph)

(Reporting by A K Pranav and Shashwat Awasthi in Bengaluru; Editing by Shinjini Ganguli)

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