'Shut them down': anger over Coles and Woolworths $1.2 billion profit
Australia's two biggest supermarkets have revealed their revenue amid rising consumer anger during the ongoing cost of living crunch.
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00:00Coles and Woolworths have announced a combined profit of $2.8 billion for the 2023-24 financial year, amid rising consumer anger during a cost-of-living crisis.
00:14Coles reported a $1.1 billion after-tax profit, while Woolworths posted $1.7 billion before a major impairment in its New Zealand operations.
00:25Farmers and producers supplying the supermarkets expressed concern, citing unfair treatment and stagnant prices that have forced some farmers and growers out of business.
00:36Shoppers, struggling with escalating grocery costs, took to social media to vent their frustration.
00:43We paid suppliers $34.7 billion, in terms of what we paid them for their cost of goods. That was an increase in $2.4 billion year-on-year.