Coles Group (COL) Q1 2027 earnings summary

Executive summary

• Q1 FY27 group sales revenue rose 2.2% YoY to $11.209bn; Supermarkets growth was partly offset by lower Liquor and Other revenue.

• Value-focused competition and cautious customer spending weighed on sales momentum; targeted value actions and stronger execution are planned for Christmas and summer trading.

Financial highlights

• Supermarkets sales rose 3.6% to $10.320bn; comparable sales grew 2.7%, and two-year sales growth was 10.7% ex-tobacco.

• Liquor sales fell 1.3% to $831m; Other revenue fell 62.8% to $58m.

• Supermarkets eCommerce sales rose 22.9% to $1.623bn, reaching 15.7% penetration.

• H1 Supermarkets EBIT, excluding significant items, is expected to be in line with H1 FY26, which had 14.6% EBIT growth.

Outlook and guidance

• Supermarkets sales growth moderated in the first four weeks of Q2 versus Q1; momentum remained resilient.

• H1 EBIT guidance reflects softer sales flow-through, targeted customer-value investment and higher fuel costs; no H2 guidance was given.

• Christmas plans include stepped-up value investment, seasonal events, improved availability and online capacity; the range includes 200 products under AUD 10.

• Liquor's early Q2 revenue decline was broadly in line with Q1; value investment and the largest-ever Exclusive to Coles Christmas range aim to support festive trading.