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Coles' Profit Dip Amid Rising Costs
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Australia's Coles, the second-largest grocer, reports a slight dip in annual profit due to rising lease costs and store theft. Sales for continuing operations increased by 5.9%, but lease renewal costs and stock loss caused by organized crime dragged down net profit. Coles' profit including discontinued operations rose by 4.8% to A$1.10 billion, but did not provide profit guidance for the current financial year. Coles' shares fell by 6% following the announcement.
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How might the dip in Coles' profit affect the competitive landscape in the Australian grocery market?
How might the rising lease costs impact other retailers in Australia?
What measures can Coles take to address the issue of store theft and reduce its impact on profitability?
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