Coles Group (ASX: $COL) 2024 Half Year Results Release

Coles Group Limited (ASX: $COL) has reported a solid first half performance for the 27 weeks to 31 December 2023. The company's Group EBITDA from continuing operations increased by 4.1% to $1,900 million, while Group EBIT grew by 3.3% to $1,110 million. The reported Group NPAT from continuing operations was $594 million, representing a decrease of 3.6%. Coles Group also declared a fully franked interim dividend of 36 cents per share.

Statements from Coles Group Chairman and CEO

Coles Group Chairman, James Graham, highlighted the company's commitment to delivering for all stakeholders and achieving positive improvements in workplace culture. CEO Leah Weckert emphasized the company's focus on delivering value to customers through price reductions and product innovation, resulting in early wins in strategic areas. Weckert also acknowledged the dedication of the team members in delivering for customers in a challenging environment.

Outlook and Strategic Highlights

Coles Group's renewed strategy has delivered positive results, with investments in value and improvements in availability underpinning volume growth in Supermarkets. The company's strong growth in eCommerce, digital, and loyalty reflects its focus on enhancing the customer experience. Coles Group aims to continue delivering value for customers and expects progressive improvement in the second half. The company's infrastructure projects and digital investments are set to improve efficiency and create a differentiated service offering for customers, establishing the foundations for long-term sustainable growth.