Coles Group announced its half-yearly result

Coles Group Limited (ASX: COL) announced 1HFY23 results as follows:

• Sales revenue from ongoing operations climbed by 3.9% to AU$20,805 million.
• EBIT from continuing operations rose by 9.9% to AU$1,058 million, driven by roughly AU$100 million in Smarter Selling advantages and a net reduction in direct COVID-19 expenses.
• Cash and cash equivalents rose by 18.5% to AU$698 million, primarily due to robust operational activities linked with the peak Christmas selling season falling at the end of the half-year period.
• Inventory grew by 15.4% to AU$2,825 million, principally owing to the impact of cost price increases on inventory costs and increased stock holdings to offer additional support for Christmas and New Year's in light of supply chain disruptions.
• Trade and other payables increased 14.8% to AU$4,978 million, reflecting lower seasonal Christmas and New Year business activity at the end of half-year period.

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