Coles Group (ASX:COL), Metcash (ASX:MTS) and Treasury Wine Estates (ASX:TWE) operate across different areas of the consumer market. Coles is centred on supermarkets and liquor retail, Metcash supplies independent food, liquor and hardware retailers, while Treasury Wine Estates operates a global wine portfolio led by premium and luxury brands.

Their FY26 results provide updates on grocery volumes, operating margins, wholesale activity, restructuring and consumer Demand across Australia and international markets.

Coles Group (ASX:COL)

Coles Group (ASX:COL) operates a national supermarket Business alongside liquor Retailing and other consumer services.

For FY26, Coles reported group sales Revenue of A$45.6 billion. Group EBIT excluding significant items reached A$2.32 billion, while net profit after tax excluding significant items was A$1.26 billion. Statutory net profit after tax was A$1.09 billion.

The supermarkets division reported sales growth of 3.7%, or 5.1% excluding tobacco. Supermarket EBIT excluding significant items reached A$2.37 billion, while E-commerce sales increased 26.4%. Coles also reported that its automated customer fulfilment centres reached EBITDA-positive status during the year.

Liquor sales declined 3.3%, while segment EBIT was A$59 million amid softer trading conditions in the category.

Coles declared a fully franked final Dividend of 37 cents per share, taking the FY26 dividend to 78 cents. Net Debt excluding Lease liabilities stood at approximately A$1.78 billion.

The company also reported A$311 million in benefits from its Simplify and Save to Invest program. Early FY27 trading showed sales during the first eight weeks broadly in line with the fourth quarter of FY26, with e-commerce penetration reaching 15.7%.

Metcash (ASX:MTS)

Metcash (ASX:MTS) operates across Food, Liquor and Hardware, supplying independent retailers and trade customers through businesses including IGA, Mitre 10 and Total Tools.

For FY26, Metcash reported group revenue of A$19.6 billion and group EBITDA of A$761.7 million. Underlying EBIT was A$503.7 million, while Operating Cash Flow reached A$558 million.

Within Food, EBIT reached A$261.8 million. The business continued to manage lower tobacco volumes while reporting growth in food sales excluding tobacco.

Liquor sales reached approximately A$5.4 billion, with segment EBIT of A$100.1 million. Hardware sales were approximately A$3.7 billion, while segment EBIT reached A$177.3 million.

Metcash declared a fully franked FY26 dividend of 18 cents per share. Its operating model continues to combine food and liquor wholesaling with exposure to trade and renovation activity through the Hardware division.

Future performance remains linked to independent retail activity, food volumes, hardware demand and the ongoing reduction in tobacco-related revenue.

Treasury Wine Estates (ASX:TWE)

Treasury Wine Estates (ASX:TWE) operates a global wine portfolio spanning Australia, the United States, Asia and Europe. Its businesses include Penfolds, Treasury Americas and Treasury Collective.

For FY26, Treasury Wine reported a statutory net loss after tax of A$1.08 billion. The result included substantial non-cash impairments and restructuring-related items associated primarily with its US operations.

Underlying performance remained profitable. Treasury Wine reported underlying EBITS of A$492.3 million and underlying net profit after tax of A$275.3 million. Net sales revenue was approximately A$2.6 billion.

Penfolds generated EBITS of A$404.3 million, Treasury Americas reported EBITS of A$90.2 million and Treasury Collective generated A$68.0 million. The company continued to withhold dividends while progressing restructuring and balance-sheet initiatives.

For FY27, Treasury Wine has indicated that group EBITS are expected to be at least in line with FY26. Subsequent reporting will provide further information on its US business restructuring and performance across the Penfolds portfolio.

Consumer Sector Activity

Coles Group (ASX:COL), Metcash (ASX:MTS) and Treasury Wine Estates (ASX:TWE) have different exposures to household spending.

Coles derives most of its Earnings from supermarkets, while Metcash combines grocery and liquor wholesaling with hardware. Treasury Wine is more exposed to discretionary premium and luxury consumption across international markets.

Food demand, retail competition, operating costs, consumer spending and foreign-exchange movements can therefore affect the companies differently.

Key Risks

Coles remains exposed to supermarket competition, regulatory scrutiny, cost pressures and execution across automation and fulfilment projects. Liquor trading also remains sensitive to discretionary household spending.

Metcash faces risks associated with declining tobacco volumes, competition across independent grocery retail and weaker construction or renovation activity affecting Hardware.

Treasury Wine remains exposed to wine demand in the United States and Asia, execution of its restructuring program, foreign-exchange movements and the performance of its premium brands. Further Impairment or restructuring charges could also affect statutory results.

What Investors May Watch Next

For Coles Group (ASX:COL), future updates will provide information on supermarket sales, e-commerce penetration, operating margins and performance across Coles Liquor.

For Metcash (ASX:MTS), upcoming reporting will show whether Food and Hardware activity can offset the continuing reduction in tobacco-related revenue.

For Treasury Wine Estates (ASX:TWE), subsequent disclosures will provide further information on the US restructuring program, Penfolds performance and progress toward its FY27 EBITS expectations.