Surging sales beefs up Coles’ earnings

Panic buying, pantry filling, and cellar stocking has resulted in a 5.7 per cent lift in full-year profit for supermarket giant Coles.

The company has booked a net profit of $971 million and will pay shareholders a final dividend of 27.5 cents, taking the total for the year to 57.5 cents per share.

“This year, we’ll be paying $767 million to our shareholders, which is millions of Australians,” Coles CEO Steven Cain tells Brooke Corte.

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