The owner of Coles today (18 August) hailed the “strong” growth in annual earnings from Australia’s second-largest food retailer.

Australian conglomerate Wesfarmers reported a 21.2% increase in EBIT from its Coles business for the year to 30 June.

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Coles EBIT reached A$1.17bn (US$1.22bn) on the back of a 6.9% rise in revenue to A$32.07bn, which Wesfarmers reported last month.

The retailer saw sales from its food and liquor division grow 6.3% to A$23bn. Comparable-store sales increased 6.3%. 

Sales from Coles’ convenience stores sales rose 8.5% to A$6.7bn. Comparable-store sales were up 0.9%.

Wesfarmers said Coles’ earnings reflected the “progress” made on its programme to turn around the business, which started when the company acquired the retailer in 2007.

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The company said the programme had “built solid sales momentum through significant price investment, an enhanced fresh food offer, operational efficiencies and the progressive renewal of the store network”.