Stocks to slip as Coles reveals supermarket profits

Stocks to slip as Coles reveals supermarket profits

Reporting season continues with results from supermarket giant Coles. Futures are pointing to falls after US stocks retreated overnight. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

Coles sees sales growth underpinned by supermarket segment

Coles has reported a 3.6 per cent increase in group sales at $44.3 billion, with its EBITDA rising 11 per cent to $3.9 billion for the current fiscal year. The group’s net profit after tax rose 2.4 per cent to $1.07 billion. Sales growth was driven by the strong performance of its supermarket segment, which grew 4.3 per cent to $40 billion. Coles’ supermarket segment’s EBITDA rose 9 per cent, from $2 billion to $2.1 billion, and the segment’s gr…