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Demand for groceries and other necessary household items has remained strong as rising expenses forced consumers to cut discretionary spending, pointing to a change in spending patterns after years of COVID-related disruption.
“We also expect the consumer environment to remain challenging with customers continuing to cut back on non-essential items looking ahead in FY24,” CEO Brad Banducci said.
The company said annual net profit after tax from continuing operations, after significant items, was A$1.62 billion ($1.04 billion), compared with A$1.55 billion a year earlier.
The Sydney-based company also declared a final dividend of 58 Australian cents per share, higher than 53 cents per share declared last year.
($1 = 1.5567 Australian dollars)
