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Operating and Financial Review Inspire Customers Business Model and Strategy

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Operating and Financial Review Inspire Customers Business Model and Strategy Coles Group Limited 2021 Annual Report Coles Group Limited 2021 Annual Report Operating and Financial Review Inspire Customers Business model and strategy The Operating and Financial Review relates to Coles Group Limited • Liquor: liquor retailer with 929 stores nationally under the brands The focus areas of the first pillar of our strategy, ‘Inspire Customers health and beauty. This has brought, and will continue to bring, more Overview (‘the Company’) and its controlled entities (together, ‘Coles’, ‘Coles Liquorland, First Choice Liquor Market and Vintage Cellars, through best value food and drink solutions to make lives easier’, are innovation and more tailoring to customers both in store and online. Group’, or ‘the Group’). including online liquor delivery services; and outlined below: We continue to make progress on our trusted and targeted value Coles is an omnichannel retailer selling products including fresh • Express: convenience store operator and commission agent for strategy, consistently investing in our offer, including placing a net food, groceries and liquor through its supermarkets, liquor stores retail fuel sales across 717 sites nationally. • Customer obsessed 474 new products on everyday low prices during the year. Operating Financial Review and and eCommerce platforms. Coles also sells convenience products Other business operations that are not separately reportable, such • Tailored offer with trusted and targeted value Coles Own Brand is a key strategic differentiator for Coles delivering and, under its alliance with Viva Energy (Viva), is a commission agent as Property, as well as costs associated with enterprise functions, • Own Brand powerhouse innovative products at great prices. From FY21, Coles is reporting its for retail fuel sales through the Coles Express network. We employ such as Insurance and Treasury, are included in Other. • Destination for convenience and health Coles Own Brand and Exclusive Proprietary Brand sales under the more than 120,000 team members, engage with more than 7,000 new banner ‘Exclusive to Coles’. Exclusive to Coles products In June 2019, Coles refreshed its strategy with a vision to become the • Leading anytime, anywhere, anyhow shopping suppliers, have more than 450,000 direct shareholders and we generated $10.9 billion in sales and, in FY21, Coles Own Brand won 46 most trusted retailer in Australia and grow long-term shareholder welcome more than six million customers through our extensive • Accelerate growth through new markets awards, demonstrating the breadth of our brand capability and value. Achieving this requires us to deliver on our purpose, which is to store network and eCommerce platforms every week. quality of our products. sustainably feed all Australians to help them lead healthier, happier Coles is one of the most trusted consumer brands in Australia with lives. Our values of customer obsession, passion and pace, Update on Inspire Customers pillar: Our convenience offer in stores, assisted by the acquisition of the businesses including Coles, Coles Local, Coles Express, Liquorland, responsibility and health and happiness, guide the day-to-day Jewel Fine Foods assets in May 2020, has an extended range with We have made progress against our strategic pillar of Inspire First Choice Liquor Market, Vintage Cellars and Coles Financial decisions and actions of our team members. convenience destinations in more than 300 stores. Promoting Directors’ Report Remuneration Report Customers by improving customer advocacy and delivering Services. Coles is also a 50% shareholder of flybuys, one of Australia’s healthy eating has continued through our many partnerships innovative and differentiated products to our customers most popular loyalty programs with more than six million active We have set ourselves the ambition to differentiate in five key areas: including the Heart Foundation and Stephanie Alexander’s Kitchen Garden Foundation. households. 1. Win in online food and drinks with an optimised store and With a customer-obsessed lens, we continued to make progress in building trust and loyalty with Australians. Underpinning this progress Coles’ core competencies include merchandising, product supply chain network Coles continued to invest in our anytime, anywhere, anyhow was the launch of our new brand positioning ‘Value the Australian Way’ development and supplier relationships, marketing, customer 2. Be a great value Own Brand powerhouse and destination for (eCommerce) offer with enhancements made to the user experience which reinforces Coles’ heritage and role in the Australian community. service and maintaining and operating a national store and online health such as a single-click check out and improved navigation. Investments have been made in capacity including the roll out of network. Coles also operates an integrated supply chain, including 3. Achieve long-term structural cost advantage through At Coles, we measure customer advocacy through the Net Promoter more than 500 contactless Click & Collect (to the boot of car) logistics, and a national distribution centre network. automation and technology partnerships Score (NPS). We are pleased that our Supermarkets NPS increased by 2.3 points and Liquor NPS increased by 4.9 points in FY21. Coles also locations. Two eCommerce offers were added during the year - our The Group’s reportable segments are: 4. Create Australia’s most sustainable supermarket significantly increased its trust perception with the Roy Morgan membership subscription offer Coles Plus, and Click & Collect Rapid, survey recognising Coles as one of the most trusted consumer our 90-minute order to pick up service. Both have resonated well • Supermarkets: fresh food, groceries and general merchandise 5. Deliver through team engagement and pace of execution brands in Australia. with customers and we have seen improvements in the Perfect retailer with a national network of 834 supermarkets, including We have made progress against our three strategic pillars of Inspire Order Rate and Online NPS almost doubled compared to the prior Coles Online and Coles Financial Services; Customers, Smarter Selling and Win Together while supporting our In FY21, Coles implemented new technology, improved forecasting year. In addition, investments have been made to support strong Liquor eCommerce growth with the opening of three online fulfilment team members, customers, suppliers, and community partners. and leveraged advanced analytics to enable a tailored offer to meet Financial Report the differing needs of our customers. To date we have tailored 30% of centres to increase capacity, streamline order fulfilment and improve our store layouts which was complemented by more than 650 range speed of delivery for customers. changes during the year in categories such as impulse, homecare and Our brands Shareholder Information Shareholder Supermarkets Liquor Convenience Coles ambassador and chef Curtis Stone helped inspire customers to cook more at home during COVID-19 restrictions through marketing communications in FY21. 22 23 DRAFT 25 COL1858_AR_2021_d25a September 17, 2021 8:36 AM DRAFT 25 COL1858_AR_2021_d25a September 17, 2021 8:36 AM Coles Group Limited 2021 Annual Report Coles Group Limited 2021 Annual Report Smarter Selling Win Together The focus areas of the second pillar of our strategy ‘Smarter Selling Driving sustainable efficiencies through technology is at the core of The focus areas of the third and final pillar of our strategy ‘Win Together sustainability areas of emissions, waste and hunger. We have signed Overview through efficiency and pace of change’, are outlined below: our Smarter Selling strategy. In store, we are digitising and with our team members, suppliers and communities’, are outlined below: five renewable energy contracts to progress our 100% renewable automating processes to deliver improved team and customer electricity target including power purchase agreements, large scale experiences, such as our smarter forecasting tool which uses generation certificate agreements, and the installation of on-site • Technology-led stores & supply chain • Safer choices together machine learning to enhance existing supply chain algorithms and solar. 2021 marked the tenth year of Coles’ partnership with REDcycle, Operating Financial Review and • Strategic sourcing increase availability for customers. Profit protection measures have • Great place to work providing customers with an option to recycle soft plastics. The • Optimised network and formats been implemented including dynamic markdowns, which uses • Together to Zero to drive generational sustainability millions of pieces of soft plastic returned to our supermarkets have artificial intelligence to optimise markdowns in meat, and loss been put to good use including in sanitiser stations used in some of • Efficient and agile Store Support Centre • Better Together through diversity and stakeholder prevention measures such as electronic entry gates in store. our supermarkets, playground equipment, fence posts and even in engagement Coles supermarket carparks. Furthermore, through our partnerships The use of technology also extends from the stores into our supply • Innovation through partnerships Update on Smarter Selling pillar: with SecondBite and Foodbank, we are helping Australians in need by chain where we continue to drive an enhanced service. We are donating edible, unsold food from our supermarkets and distribution We have made progress against our strategic pillar of Smarter generating
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