Coles posts $1.1 billion profit as shoppers turn to home cooking in cost of living crisis

Supermarket giant Coles has posted an annual profit of $1.1 billion, as shoppers turn to home cooking during the ongoing cost of living crisis.

Posting its results to the market this morning, Coles said it saw a 2.1 per cent increase in profit year-on-year, and a 5.0 per cent lift in group earnings.

The group's supermarket business recorded $39 billion in sales revenue, up 4.3 per cent year-on-year.

READ MORE: Man fighting for life after five-vehicle highway carnage in Queensland

It also noted an increase in shoppers choosing to buy online and a jump in customers opting for its home-brand groceries.

The supermarket credited this revenue jump to a mix of seasonal campaigns, collectibles, major trading events such as Christmas and Easter and online sales.

It also reported a slight 0.5 per cent rise in liquor sales to $3.7 billion.

READ MORE: Renters win big payout over cockroach infestation that kept them awake

Leah Weckert, Coles Group CEO, said the company is keenly aware of the cost-of-living crisis impacting shoppers.

"The financial pressures on households and families have been front of mind for us this year and we have endeavoured to deliver value across our supermarket, liquor and online offerings to help customers balance the household budget," Weckert said.

"At the same time, we have worked hard to deliver improvements in availability and quality, made significant inroads in addressing loss, accelerated our digital offering, continued to maintain a strong focus on costs and completed the construction of our second ADC and both our CFCs."

READ MORE: Resurgent blast of destructive weather looms over multiple states

This year also marks 110 years since Coles first opened doors in Smith Street in Collingwood, Victoria.

It comes as both Coles and competitor Woolworths were subject to a Senate enquiry grilling over price gouging, high profits and conduct towards suppliers.