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Australian supermarket Coles says FY23 to be year of investment, inflation

Coles’ chief executive Steven Cain. (Source: Supplied.)
With Australians beginning to feel the one-two punch of rising food prices and disrupted supply chains, shopper behaviour is changing, with more customers opting for cheaper, homebrand products, according to CEO Steven Cain. The business unveiled its FY22 performance on Wednesday morning, and said sales and earnings remained flat on a year prior and net profit edged 4.3 per cent higher to AU$1.04 billion.  Earlier this week, Coles ‘locked’ the prices of over 1000 products until early next y