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Supermarket giant Coles Group (ASX:COL) reported its FY22 results today including growth across most areas, even as floods and COVID-19 significantly disrupted operations.

For the year, Coles reported a 2% increase in total sales revenue to $39.4b. NPAT rose 4.3% to $1.048b which exceeded analysts’ expectations of $1.006bn. A final dividend of 30cps was announced and ecommerce sales jumped 40.9% for the supermarkets.

Coles also announced EBIT fell slightly by just 0.2% which the company attributes to higher costs resulting from the pandemic.
On the guidance front, Coles didn’t provide any firm guidance for FY23 which may be the reason investors are selling out of the supermarket giants’ shares today, with the Coles share price down almost 4% today so far.
Taking a look at broker ratings following the results release, UBS has maintained its neutral rating and price target for Coles of $18.75.

As for when the price of an iceberg lettuce will come down, down prices are down, Coles boss Steven Cain warned food inflation will remain for at least another six months as the supermarket giant locked the price of over 1,100 products across supermarkets and online until at least the end of January 2023.