Coles and Woolworths say their profits are modest - but does that stack up?
by Jonathan Barrett from World news | The Guardian on (#6DS42)
The two big Australian supermarkets under scrutiny at a federal parliamentary inquiry into economic dynamism
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When a representative of Australia's biggest supermarket chain answered questions at a parliamentary committee about profits, the response created an impression that margins were modest and, if anything, falling.
The assertion appears to rub against data that shows Woolworths and Coles have greatly increased profits derived from grocery items during the inflationary period and related cost-of-living crisis.
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