Business
Coles swings to profit growth thanks to coronavirus panic buying – Sydney Morning Herald
Supermarket giant Coles has swung its business back into profit growth for the first time in four years after a booming year for the business thanks to coronavirus-fuelled panic buying.
Coles, along with rival supermarket Woolworths, has been one of the best-performing businesses during the coronavirus pandemic, with virus-fuelled panic buying of food driving the retailer to its highest quarterly sales figure in its history earlier this year.
The virus, along with bushfires and floods earlier in the year, was “the greatest test of our lifetime”, chief executive Steven Cain said.
“We are experiencing things we never thought we would see in a supermarket, or for that matter Aus…
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