Australia's Coles first-half profit dips as COVID-related costs soar

Coles and larger rival Woolworths WOW.AX have banked on demand from shoppers confined to their homes as they bought everything from groceries to toilet paper in bulk, but have borne extra expenses due to disruptions caused by lockdowns.

SYDNEY: Australia's second-largest supermarket chain Coles Group COL.AX on Tuesday posted better-than-expected first-half profit, as it controlled pandemic costs and its earnings were boosted by lockdown-induced consumer spending.

Its shares rose 2% to A$17.05 in early trading, as it also said its expenses had moderated lately after it shelled out A$30 million ($21.6 million) in COVID-19 costs in January.