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Freedom251 › Blog › ASX shares

Endeavour Group vs. Coles and Woolworths: Comparing Australian Retail Investments

By Freedom251 Team · · 5 min read

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There is no sound basis here to call Endeavour Group, Coles or Woolworths the better investment: the latest figures available are from different reporting years and use different measures, and comparable valuation data is missing. The first distinction is business mix: Endeavour combines liquor retail with licensed hotels, while Coles and Woolworths are broad, food-led retailers with liquor operations.

What each business is exposed to

Endeavour Group: liquor retail and hotels

Endeavour operates Dan Murphy’s and BWS alongside a portfolio of licensed hotels. The company describes its network as more than 1,740 stores and 350 hotels, and says it has more than 5.6 million active My Dan’s members. Those are company-reported descriptions, not independent measures of market position.

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That mix matters to investors because liquor retail and hotels can respond differently to customer demand and operating conditions. Endeavour’s FY25 results illustrate the point: Retail sales fell on a normalised 52-week comparison while Hotels sales increased.

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Coles and Woolworths: food-led retail

Coles and Woolworths have broad supermarket businesses as well as liquor operations. Coles’ FY25 strategy described its priorities as being a destination for food and drink, building a digital omnichannel experience, and improving operational efficiency while investing in its network. These exposures differ from Endeavour’s hotel-and-liquor mix, so group sales totals alone do not describe equivalent businesses.

What the latest available figures show

The table separates the latest figures available in the cited company materials as at 4 October 2026. Endeavour’s detailed operating figures below are FY25, not FY26. Coles’ figures are FY26 highlights. Woolworths’ FY26 results are listed as released on 26 August 2026, but a comparable set of figures is not stated in the materials available for this comparison.

Company and period Sales or revenue EBIT NPAT Relevant channel detail
Endeavour Group, FY25 A$12.058 billion Group sales A$926 million Group EBIT A$426 million attributable NPAT Retail online sales grew 7.0% and represented 8.7% of Retail sales
Coles Group, FY26 highlights A$45.6 billion Group sales revenue A$2.3 billion Group EBIT excluding significant items A$1.1 billion NPAT Supermarkets eCommerce sales growth of 26.4%
Woolworths Group, FY26 Not stated in the FY26 results index and materials summarized here Not stated in the FY26 results index and materials summarized here Not stated in the FY26 results index and materials summarized here Comparable figure not stated in the FY26 results index and materials summarized here

These figures are not a like-for-like ranking. Endeavour’s are from FY25, while Coles’ are FY26 highlights; Woolworths’ FY26 results are identified in its investor materials, but the table does not supply their detailed values. The EBIT measures also differ: Coles’ stated figure excludes significant items, whereas the Endeavour figure is reported as Group EBIT. Compare statutory and adjusted measures only after checking each company’s reconciliation and definitions.

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Why Endeavour’s FY25 sales total hides different trends

Endeavour’s FY25 was a 52-week reporting year, compared with 53 weeks in FY24. Its annual report gives FY25 Group sales of A$12.058 billion, including A$9.950 billion from Retail and A$2.108 billion from Hotels. For year-on-year segment growth, the report’s normalised 52-week comparisons are the more useful guide: Retail sales declined 1.2%, while Hotels sales grew 4.1%.

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The company attributed Retail pressure to subdued liquor spending and supply-chain disruption that reduced product availability during the Christmas peak. Hotel sales grew over the normalised comparison period. The segment figures therefore tell a more useful operating story than the Group sales total on its own.

Endeavour also reported A$80 million in FY25 One Endeavour costs. The company described the program as building a standalone technology platform independent from Woolworths. The FY25 report’s forward-looking comments about hotel investment and a strategy refresh should not be treated as a statement of current plans or completion status without checking subsequent company reporting.

How to read online growth and loyalty figures

Endeavour’s FY25 Retail online sales growth of 7.0% and 8.7% share of Retail sales measure different things: one is growth, the other is the channel’s share of segment sales. Coles reported 26.4% Supermarkets eCommerce sales growth in its FY26 highlights. The periods, segment definitions and denominators differ, so the percentages do not establish that one company has a more profitable or successful digital business.

For context, Coles reported FY25 Supermarkets eCommerce sales growth of 24.4% and normalised Liquor eCommerce sales growth of 7.2%. Those FY25 channel results are not directly comparable with Endeavour’s FY25 Retail online growth without aligning definitions. Online growth alone also does not show fulfilment costs, margins or returns on investment.

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What to compare before deciding whether a share is attractive

A company’s sales or earnings growth is only one part of an investment case. To compare the three businesses on a consistent basis, use their FY26 annual reports and match the periods, definitions and balance-sheet treatment.

  • Segment performance: Compare supermarket, liquor and hotel results separately where the reports permit, rather than treating all group revenue as equivalent.
  • Earnings quality: Check whether EBIT and NPAT are statutory or adjusted, and examine any reconciliation of significant items. Note changes in fiscal weeks, such as Endeavour’s FY25 52-week year versus FY24’s 53 weeks.
  • Cash generation and investment: Review operating cash flow, capital spending and the cash required to maintain or expand stores, distribution networks, digital channels and hotels. Sales growth does not by itself establish capital efficiency.
  • Debt and leases: Compare borrowings and lease liabilities on a consistent basis. Retail and hotel networks can carry material lease obligations, so a debt-only comparison may omit an important part of fixed commitments.
  • Dividends: Check the payout against earnings and cash generation, as well as the company’s dividend history and policy. Dividend yield changes with the share price.
  • Valuation: Use share prices from the same date and comparable trailing or forecast measures. The figures presented here do not establish current valuation multiples or a price-based ranking.

Woolworths Group’s investor materials list FY26 results dated 26 August 2026, along with its annual report and related documents. For a current three-company comparison, use Woolworths Group’s Australian Food, New Zealand Food, BIG W and Group results from that reporting, and distinguish Woolworths Group from Woolworths Holdings Limited, the South African company.

Is Endeavour a better investment than Coles or Woolworths?

The available evidence does not support naming a winner. Endeavour offers exposure to liquor retail and licensed hotels; Coles and Woolworths offer broader food-led retail exposure. The figures shown span different years and definitions, and no comparable valuation, debt, lease, cash-flow or dividend analysis is established here. An investor who wants to rank the shares needs the three FY26 reports and share prices aligned to a common date before drawing that conclusion. This is a company comparison, not personal financial advice.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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ASX sharesAustralian retailColes GroupEndeavour Groupinvestment comparisonWoolworths Group

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