Overview

• Woolworths reported a roughly 17–19% fall in full-year profit to about A$1.39bn, its shares dropped 13%, and it flagged around A$100m in earnings impact from cutting prices on about 500 items.
• Coles beat expectations with underlying profit of A$1.18bn and its shares jumped about 8%, as supermarket sales growth accelerated to 4.9% in the first eight weeks of the new financial year.
• Coles’ CEO pointed to interest-rate cuts driving early ‘green shoots’ in customer sentiment and bigger baskets, while analysts noted Woolworths’ slower start to the year with Australian food sales growth around 2.1%.
• Tobacco sales plunged about 30% as shoppers shifted to the illicit market, and Coles said theft-prevention tech cut stock loss to 2015 levels even as staff face more threats in Victoria, where new worker-protection laws have been pledged.
• Wesfarmers outperformed with value-focused shoppers lifting earnings at Kmart and Bunnings, helping deliver net profit of about A$2.9bn and higher shareholder payouts.