Despite working hard to make ends meet, more Aussies are finding themselves unable to buy food to put on the dinner table.

While households across the country crumble under the rising prices of essentials, supermarket giant Coles appears to be doing just fine.

Coles announced an impressive $1.09 billion net profit for the 12 months to June 2023–up 4.8 per cent compared to the last financial year.

The nation’s second-biggest supermarket also generated an impressive $36.7 billion in supermarket sales revenue, up by 6.1 per cent, year on year.

Coles announced an impressive $1.09 billion net profit in the past financial year. Image source: Wikimedia/Kgbo.

Earlier, the Australian Council of Trade Unions (ACTU) launched an inquiry into alleged price gouging by big businesses. The group was quick to point out that the supermarket giant is the subject of hundreds of reports from the public about their prices.

'The public have been told that supply chain issues and inflation are to blame for the cost-of-living crisis,’ said ACTU assistant secretary Joseph Mitchell.

‘But when you see the profits like those posted…it is legitimate to ask whether Australia’s big supermarkets have used the cost-of-living crisis as a smokescreen to push up their profit margins, despite costs decreasing for themselves.' The ACTU also shared some of the responses it had received from Aussies over supermarket price concerns.

'$200 used to get us a trolley worth of groceries, I literally paid $67 for five items on Tuesday,' said Holly from Western Australia.

While Beth from Victoria said: 'My health is suffering as I can’t afford many fresh food items. No matter how hard I budget.'

'As a pensioner I often can’t buy food and cleaning items I need plus I have to eat less. It also means I can’t even go out for a coffee etc. It’s very lonely,' Judi from South Australia added.

According to the latest Australian Bureau of Statistics figures, annual food inflation is 7.5 per cent. Meat and seafood also increased by 3.5 per cent, while fruits and vegetables are up 1.6 per cent, bread and cereal 11.6 per cent, and dairy (the highest increase) is up by 15.2 per cent.

Coles also shared that supermarket price inflation in the fourth quarter had moderated to 5.8 per cent–down from 6.2 per cent in the third quarter. Inflation in the fresh category was 2.3 per cent in the June quarter–down from 4.1 per cent in the third quarter.

Coles and Woolworths hold two-thirds of the supermarket sector in Australia, and Woolworths plans to announce its profits soon.

Meanwhile, you can read more about the effect of inflation on these two big supermarkets here.

Key Takeaways

• Supermarket giant Coles announced a net profit of $1.09 billion for the 12 months to June 2023, up by 4.8 per cent from the last financial year.
• The Australian Council of Trade Unions (ACTU)questioned whether supermarkets have used the cost-of-living crisis to push up their profit margins.
• According to the Australian Bureau of Statistics, annual food inflation is 7.5 per cent in Australia.
• Aussies have expressed concerns over rising supermarket prices, stating they are struggling to afford groceries,, affecting their quality of life.

Members, what are your thoughts on this story? Are you feeling the effects of inflation too? How is it affecting you? Let us know in the comments below!

 

[Pommyoz]

I wonder how much they pay farmers for produce? 10c a cauliflower, then sell at $4.50 yeah right/WRONG

 

[Elizabeth Ross]

Despite working hard to make ends meet, more Aussies are finding themselves unable to buy food to put on the dinner table.

While households across the country crumble under the rising prices of essentials, supermarket giant Coles appears to be doing just fine.

Coles announced an impressive $1.09 billion net profit for the 12 months to June 2023–up 4.8 per cent compared to the last financial year.

The nation’s second-biggest supermarket also generated an impressive $36.7 billion in supermarket sales revenue, up by 6.1 per cent, year on year.

View attachment 28131

Coles announced an impressive $1.09 billion net profit in the past financial year. Image source: Wikimedia/Kgbo.

Earlier, the Australian Council of Trade Unions (ACTU) launched an inquiry into alleged price gouging by big businesses. The group was quick to point out that the supermarket giant is the subject of hundreds of reports from the public about their prices.

'The public have been told that supply chain issues and inflation are to blame for the cost-of-living crisis,’ said ACTU assistant secretary Joseph Mitchell.

‘But when you see the profits like those posted…it is legitimate to ask whether Australia’s big supermarkets have used the cost-of-living crisis as a smokescreen to push up their profit margins, despite costs decreasing for themselves.' The ACTU also shared some of the responses it had received from Aussies over supermarket price concerns.

'$200 used to get us a trolley worth of groceries, I literally paid $67 for five items on Tuesday,' said Holly from Western Australia.

While Beth from Victoria said: 'My health is suffering as I can’t afford many fresh food items. No matter how hard I budget.'

'As a pensioner I often can’t buy food and cleaning items I need plus I have to eat less. It also means I can’t even go out for a coffee etc. It’s very lonely,' Judi from South Australia added.

According to the latest Australian Bureau of Statistics figures, annual food inflation is 7.5 per cent. Meat and seafood also increased by 3.5 per cent, while fruits and vegetables are up 1.6 per cent, bread and cereal 11.6 per cent, and dairy (the highest increase) is up by 15.2 per cent.

Coles also shared that supermarket price inflation in the fourth quarter had moderated to 5.8 per cent–down from 6.2 per cent in the third quarter. Inflation in the fresh category was 2.3 per cent in the June quarter–down from 4.1 per cent in the third quarter.

Coles and Woolworths hold two-thirds of the supermarket sector in Australia, and Woolworths plans to announce its profits soon.

Meanwhile, you can read more about the effect of inflation on these two big supermarkets here.

Key Takeaways

• Supermarket giant Coles announced a net profit of $1.09 billion for the 12 months to June 2023, up by 4.8 per cent from the last financial year.
• The Australian Council of Trade Unions (ACTU)questioned whether supermarkets have used the cost-of-living crisis to push up their profit margins.
• According to the Australian Bureau of Statistics, annual food inflation is 7.5 per cent in Australia.
• Aussies have expressed concerns over rising supermarket prices, stating they are struggling to afford groceries,, affecting their quality of life.

Members, what are your thoughts on this story? Are you feeling the effects of inflation too? How is it affecting you? Let us know in the comments below!

 

[Robert3]

1000s of Australians have discovered the secret of getting food for nothing. Go into a major supermarket, put expensive items into your bag and walk out without paying. If you are stopped, refuse to allow your bag to be examined. If they physically touch you scream assault. If they arrest you do not confess. DEMAND (politely) they call the police. Refuse to answer any questions to the supermarket people. This includes your name. The truth is that they should will let you go with the items.

Because so many people have discovered this secret and are exploiting it, the supermarkets have increased their prices to compensate. In short these people are stealing from us honest people not the supermarkets or their owners.

The first paragraph is not advice. It may not be 100% accurate or complete. It is there to show what happens if your concept of right and wrong has been removed.

 

[Rob44]

Supply-chains . There seems to be a supply-chain problem with government providing decent pensions for Old Age Pensioners However, there seems to be no such supply-chain problem for politicians at both Sate and federal levels. The LNP Premier of Tasmania is getting a rise of $161 000 and all other politicians in Tas are sitting around with their tongues hanging looking for increases in their perks and lurks.

 

[IAN3005]

Thieving mongrel bas****s...I keep saying but no one listens...stay away from Coles and Woolies, People may find it difficult at first but they must be strong-willed.
Say to yourself each time you shop there "I'm being ripped off. I'm contributing to their $1,000,000 profit."

 

[IAN3005]

Supply-chains . There seems to be a supply-chain problem with government providing decent pensions for Old Age Pensioners However, there seems to be no such supply-chain problem for politicians at both Sate and federal levels. The LNP Premier of Tasmania is getting a rise of $161 000 and all other politicians in Tas are sitting around with their tongues hanging looking for increases in their perks and lurks.

As usual, pigs with their noses in the trough. Corrupt mongeral swines.

 

[Shane/#]

Despite working hard to make ends meet, more Aussies are finding themselves unable to buy food to put on the dinner table.

While households across the country crumble under the rising prices of essentials, supermarket giant Coles appears to be doing just fine.

Coles announced an impressive $1.09 billion net profit for the 12 months to June 2023–up 4.8 per cent compared to the last financial year.

The nation’s second-biggest supermarket also generated an impressive $36.7 billion in supermarket sales revenue, up by 6.1 per cent, year on year.

View attachment 28131

Coles announced an impressive $1.09 billion net profit in the past financial year. Image source: Wikimedia/Kgbo.

Earlier, the Australian Council of Trade Unions (ACTU) launched an inquiry into alleged price gouging by big businesses. The group was quick to point out that the supermarket giant is the subject of hundreds of reports from the public about their prices.

'The public have been told that supply chain issues and inflation are to blame for the cost-of-living crisis,’ said ACTU assistant secretary Joseph Mitchell.

‘But when you see the profits like those posted…it is legitimate to ask whether Australia’s big supermarkets have used the cost-of-living crisis as a smokescreen to push up their profit margins, despite costs decreasing for themselves.' The ACTU also shared some of the responses it had received from Aussies over supermarket price concerns.

'$200 used to get us a trolley worth of groceries, I literally paid $67 for five items on Tuesday,' said Holly from Western Australia.

While Beth from Victoria said: 'My health is suffering as I can’t afford many fresh food items. No matter how hard I budget.'

'As a pensioner I often can’t buy food and cleaning items I need plus I have to eat less. It also means I can’t even go out for a coffee etc. It’s very lonely,' Judi from South Australia added.

According to the latest Australian Bureau of Statistics figures, annual food inflation is 7.5 per cent. Meat and seafood also increased by 3.5 per cent, while fruits and vegetables are up 1.6 per cent, bread and cereal 11.6 per cent, and dairy (the highest increase) is up by 15.2 per cent.

Coles also shared that supermarket price inflation in the fourth quarter had moderated to 5.8 per cent–down from 6.2 per cent in the third quarter. Inflation in the fresh category was 2.3 per cent in the June quarter–down from 4.1 per cent in the third quarter.

Coles and Woolworths hold two-thirds of the supermarket sector in Australia, and Woolworths plans to announce its profits soon.

Meanwhile, you can read more about the effect of inflation on these two big supermarkets here.

Key Takeaways

• Supermarket giant Coles announced a net profit of $1.09 billion for the 12 months to June 2023, up by 4.8 per cent from the last financial year.
• The Australian Council of Trade Unions (ACTU)questioned whether supermarkets have used the cost-of-living crisis to push up their profit margins.
• According to the Australian Bureau of Statistics, annual food inflation is 7.5 per cent in Australia.
• Aussies have expressed concerns over rising supermarket prices, stating they are struggling to afford groceries,, affecting their quality of life.

Members, what are your thoughts on this story? Are you feeling the effects of inflation too? How is it affecting you? Let us know in the comments below!

Down down prices are down what bull profits up and f**** the customer

 

[Murf]

Despite working hard to make ends meet, more Aussies are finding themselves unable to buy food to put on the dinner table.

While households across the country crumble under the rising prices of essentials, supermarket giant Coles appears to be doing just fine.

Coles announced an impressive $1.09 billion net profit for the 12 months to June 2023–up 4.8 per cent compared to the last financial year.

The nation’s second-biggest supermarket also generated an impressive $36.7 billion in supermarket sales revenue, up by 6.1 per cent, year on year.

View attachment 28131

Coles announced an impressive $1.09 billion net profit in the past financial year. Image source: Wikimedia/Kgbo.

Earlier, the Australian Council of Trade Unions (ACTU) launched an inquiry into alleged price gouging by big businesses. The group was quick to point out that the supermarket giant is the subject of hundreds of reports from the public about their prices.

'The public have been told that supply chain issues and inflation are to blame for the cost-of-living crisis,’ said ACTU assistant secretary Joseph Mitchell.

‘But when you see the profits like those posted…it is legitimate to ask whether Australia’s big supermarkets have used the cost-of-living crisis as a smokescreen to push up their profit margins, despite costs decreasing for themselves.' The ACTU also shared some of the responses it had received from Aussies over supermarket price concerns.

'$200 used to get us a trolley worth of groceries, I literally paid $67 for five items on Tuesday,' said Holly from Western Australia.

While Beth from Victoria said: 'My health is suffering as I can’t afford many fresh food items. No matter how hard I budget.'

'As a pensioner I often can’t buy food and cleaning items I need plus I have to eat less. It also means I can’t even go out for a coffee etc. It’s very lonely,' Judi from South Australia added.

According to the latest Australian Bureau of Statistics figures, annual food inflation is 7.5 per cent. Meat and seafood also increased by 3.5 per cent, while fruits and vegetables are up 1.6 per cent, bread and cereal 11.6 per cent, and dairy (the highest increase) is up by 15.2 per cent.

Coles also shared that supermarket price inflation in the fourth quarter had moderated to 5.8 per cent–down from 6.2 per cent in the third quarter. Inflation in the fresh category was 2.3 per cent in the June quarter–down from 4.1 per cent in the third quarter.

Coles and Woolworths hold two-thirds of the supermarket sector in Australia, and Woolworths plans to announce its profits soon.

Meanwhile, you can read more about the effect of inflation on these two big supermarkets here.

Key Takeaways

• Supermarket giant Coles announced a net profit of $1.09 billion for the 12 months to June 2023, up by 4.8 per cent from the last financial year.
• The Australian Council of Trade Unions (ACTU)questioned whether supermarkets have used the cost-of-living crisis to push up their profit margins.
• According to the Australian Bureau of Statistics, annual food inflation is 7.5 per cent in Australia.
• Aussies have expressed concerns over rising supermarket prices, stating they are struggling to afford groceries,, affecting their quality of life.

Members, what are your thoughts on this story? Are you feeling the effects of inflation too? How is it affecting you? Let us know in the comments below!

The massive profits declared by both leading supermarkets, are testimony to their greed and careless attitude to their customers, so many battling riding costs of living, including power and rents. Coles and Woolworths, shameful

 

[HappyPam]

Their Victoria sponge cake used to cost $3.25 a few months ago - yesterday it was priced at $6.50

 

[IAN3005]

Down down prices are down what bull profits up and f**** the customer

Like I keep saying... stay away from the 'big two'..Coles & woollies

 

[IAN3005]

Down down prices are down what bull profits up and f**** the customer

They are laughing all the way to the bank saying...SUCKERS

 

[Bridgit]

1000s of Australians have discovered the secret of getting food for nothing. Go into a major supermarket, put expensive items into your bag and walk out without paying. If you are stopped, refuse to allow your bag to be examined. If they physically touch you scream assault. If they arrest you do not confess. DEMAND (politely) they call the police. Refuse to answer any questions to the supermarket people. This includes your name. The truth is that they should will let you go with the items.

Because so many people have discovered this secret and are exploiting it, the supermarkets have increased their prices to compensate. In short these people are stealing from us honest people not the supermarkets or their owners.

The first paragraph is not advice. It may not be 100% accurate or complete. It is there to show what happens if your concept of right and wrong has been removed.

Yes you are right - what most miss the fact that you go into business with a view to make a profit - you cannot run on loss! The unions squeal because they see them as "rich from the right side of the tracks" - well how many people does this business have on their payroll - how much Payroll Tax do the pay ( a bloody lot) - insurances - suppliers etc etc. Pre tax profit opposite Post tax profit and bear in mind that the taxes paid are not tax deductible. Yes we all complain about the prices, some of which are freight and fuel - nothing they can do about that and we want food to eat! My husband is a pensioner aged 72 with stage 4 Parkinsons - I am a carer pensioner aged 73 Scoliosis, SI joints they can't do anything about, had a Laminectomy in 2020 which solved some problems but activated prior issues, until now all problems were confined to below the waist but now affecting my left shoulder and loss of feeling in 3 fingers in my left hand, now starting to spasm in the waist area and vicious pain in my rib cage on the right. I am aware that Scoliosis is trying to control my life - enough of me - we can't afford Home Care so we do as we can manage our home and environs. We have not gone into a supermarket since Direct to Boot came in to being - best thing since sliced bread - I do not miss going in at all. Our chemist delivers our drugs ( joke that we have our own "drug runner" ) We leave home to go to doctors, chiro, pickup shop, chemist, Bunnings( my husband has shares ( lol ) once per fortnight. I shop online for as much as I can as I use a wheely walker and my husband has balance and walking issues. We are grateful for what we get and yes we have had to re-assess our food purchases amongst other things - and yes I cough and splutter at some of the prices but as I am a card holder and have a mobile phone with Woollies and shop online there are savings that others do not get. After being self employed for over 30 years I am mindful of the overheads these businesses have in order to supply us with staples/services every day and try not to complain.

 

[Roysta]

Thieving mongrel bas****s...I keep saying but no one listens...stay away from Coles and Woolies, People may find it difficult at first but they must be strong-willed.
Say to yourself each time you shop there "I'm being ripped off. I'm contributing to their $1,000,000 profit."

And what are our wonderful politicians doing about it, as usual NOTHING, why ? because they are on the highest wages possible and could not care less.

 

[MaccaMan]

Their Victoria sponge cake used to cost $3.25 a few months ago - yesterday it was priced at $6.50

Why are you still shopping there? It just enables them to keep doing what they do...

 

[HappyPam]

I'm not

Why are you still shopping there? It just enables them to keep doing what they do...

 

[HappyPam]

I'm not

 

[Boris Stalinski]

Completely agree if you feel you are being DONE DON'T shop there any more. It's your choice. There are heaps of other shop offering the same produce, go there.

 

[Col@45]

Despite working hard to make ends meet, more Aussies are finding themselves unable to buy food to put on the dinner table.

While households across the country crumble under the rising prices of essentials, supermarket giant Coles appears to be doing just fine.

Coles announced an impressive $1.09 billion net profit for the 12 months to June 2023–up 4.8 per cent compared to the last financial year.

The nation’s second-biggest supermarket also generated an impressive $36.7 billion in supermarket sales revenue, up by 6.1 per cent, year on year.

View attachment 28131

Coles announced an impressive $1.09 billion net profit in the past financial year. Image source: Wikimedia/Kgbo.

Earlier, the Australian Council of Trade Unions (ACTU) launched an inquiry into alleged price gouging by big businesses. The group was quick to point out that the supermarket giant is the subject of hundreds of reports from the public about their prices.

'The public have been told that supply chain issues and inflation are to blame for the cost-of-living crisis,’ said ACTU assistant secretary Joseph Mitchell.

‘But when you see the profits like those posted…it is legitimate to ask whether Australia’s big supermarkets have used the cost-of-living crisis as a smokescreen to push up their profit margins, despite costs decreasing for themselves.' The ACTU also shared some of the responses it had received from Aussies over supermarket price concerns.

'$200 used to get us a trolley worth of groceries, I literally paid $67 for five items on Tuesday,' said Holly from Western Australia.

While Beth from Victoria said: 'My health is suffering as I can’t afford many fresh food items. No matter how hard I budget.'

'As a pensioner I often can’t buy food and cleaning items I need plus I have to eat less. It also means I can’t even go out for a coffee etc. It’s very lonely,' Judi from South Australia added.

According to the latest Australian Bureau of Statistics figures, annual food inflation is 7.5 per cent. Meat and seafood also increased by 3.5 per cent, while fruits and vegetables are up 1.6 per cent, bread and cereal 11.6 per cent, and dairy (the highest increase) is up by 15.2 per cent.

Coles also shared that supermarket price inflation in the fourth quarter had moderated to 5.8 per cent–down from 6.2 per cent in the third quarter. Inflation in the fresh category was 2.3 per cent in the June quarter–down from 4.1 per cent in the third quarter.

Coles and Woolworths hold two-thirds of the supermarket sector in Australia, and Woolworths plans to announce its profits soon.

Meanwhile, you can read more about the effect of inflation on these two big supermarkets here.

Key Takeaways

• Supermarket giant Coles announced a net profit of $1.09 billion for the 12 months to June 2023, up by 4.8 per cent from the last financial year.
• The Australian Council of Trade Unions (ACTU)questioned whether supermarkets have used the cost-of-living crisis to push up their profit margins.
• According to the Australian Bureau of Statistics, annual food inflation is 7.5 per cent in Australia.
• Aussies have expressed concerns over rising supermarket prices, stating they are struggling to afford groceries,, affecting their quality of life.

Members, what are your thoughts on this story? Are you feeling the effects of inflation too? How is it affecting you? Let us know in the comments below!

Absolutely disgusting
Some people can't afford to eat and Coles pocketing a billion dollar profit ! Well done Coles

 

[Trudi]

Absolutely disgusting
Some people can't afford to eat and Coles pocketing a billion dollar profit ! Well done Coles

I'm not complaining.

The price for Coles shares is currently $15.86 (originally purchased for $12.49).

Dividends paid were 36 cents in March and there is another dividend of 30 cents being paid in September, a total of 66 cents dividends for the year. When we add back the 30% franking credits, the total return amounts to 94 cents.

Based on the current share price the return to shareholders is 5.92%.