Woolies & Coles See Retail Media Earnings Jump By More Than A Quarter
The retail media arms of Woolworths and Coles, Cartology and Coles 360, have seen their sales grow by 29 and 27 per cent, respectively.
Reporting on their financial year 2023 numbers, both of the grocers posted profits in excess of $1 billion — with Woolies raking growing its profit to a staggering $1.6 billion.
Coles was able to grow its media income thanks to “accelerated investment in product innovation, technology and talent” and rebranding its offering to Coles 360. However, it also blamed the increased investment in the retail media platform for an increase in its cost of doing business as a percentage of sales.
Woolies, however, was more positive about its retail media arm.
“Cartology grew sales by 29 per cent (including Shopper) for the year despite a more challenging advertising market with strong growth in Everyday Needs categories,” said Brad Banducci, CEO of the Woolworths Group.
Both companies are viewing retail media as key growth drivers in the years to come — particularly as the cost of living starts to bite for everyday shoppers.
Last year, Woolworths acquired the Shopper Media Group for $150 million bringing a 2000-strong national screen network to more than 400 shopping centres around the country.
Coles, meanwhile, said that it had installed 500 screens across its store footprint in March — that number has almost certainly increased since.
Coles’ overall profits, for example, were up 4.8 per cent but chief exec Leah Wecket blamed a rise in the “organised crime side of stock loss as well, which is more coordinated and tends to focus on products in non-food areas, affecting large amounts [of stock] at the one time.”
The grocer is even employing extra security measures to counteract the lost sales.
Woolies boss Banducci also complained of stock loss and an increase in acts of aggression towards staff with more than 3000 acts of violence, threats and abuse over the past year.
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