Coles, Australia’s second-largest retailer, saw profits increase 16% in its last financial year on the back of sales boosted by more transactions at its outlets.

The company booked EBIT of A$1.36bn (US$1.43bn) for the year to the end of June, up 16.3% on a year earlier.

Sales were up 6.4% at A$34.12bn. Coles owner, Australian conglomerate Wesfarmers, said the retailer had seen “strong” comparable food and liquor store sales, which increased 3.7% despite prices falling 2.9%.

Coles offers consumers “better value” through promotional programmes like Down Down and its Super Specials fresh produce campaign, Wesfarmers suggested. Wesfarmers claimed the schemes “created total savings for customers of over A$800m a year”.

It added: “Coles’ investment in value for customers was funded from a savings pool generated from cost savings and business efficiencies across its store, supply chain and store support functions.”