“There are some suppliers that return [with price requests] a second or third time depending on your circumstances,” he said.
Coles increased its earnings by 4.3 percent for 2022 to $1.05 billion, with revenue up 2 percent to $39.6 billion.
Sales rose 3.7 percent in its supermarket segment in the final quarter of the year, while spirits rose 1.9 percent and sales at Coles Express jumped 1.1 percent.
The company noted that the inflationary environment meant it was also feeling the pressure within its own operations, as price increases were felt across the board.
“According to our suppliers and customers, we are also seeing inflationary pressures impacting our own cost base with rising wages, rent, fuel, supply chain and capital costs,” the company said.
The costs of COVID-19 also led to a $240 million impact on Coles’ bottom line, compared to $130 million last year.
“COVID-19 costs were incurred primarily in the Grocery and Liquor segments and were largely related to store compensation, including costs related to team member absenteeism, recruiting, rapid antigens and additional receptionists,” the company said.
Cain said the company had seen higher cost price inflation in July as raw material prices, supply chain costs flowed into baked goods, produce and packaged groceries.
Investors will see a final dividend of 30 cents a share, bringing the final payout to 63 cents, up 3.3 percent.
Coles shares opened 3.2 percent lower at $18.10.
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