News: COL UPDATE 1-Australia's Coles net profit rises on virus-related stockpiling

(Adds details on comparable sales)

Aug 18 (Reuters) - Grocery chain Coles Group Ltd (COL) said on Tuesday its full-year underlying net profit rose 7.1% as panic-driven stockpiling during the coronavirus crisis drove sales at its supermarkets and helped offset pandemic-related costs.

Australia's second largest grocery chain saw an "unprecedented demand" in the pandemic's infancy, leading to a record jump in March quarter sales, even as it spent more on cleaning and protective screens at check-out counters.

"Demand continued to build in Supermarkets, peaking in late March, as government-imposed social distancing measures were introduced," the company said.

Underlying net profit rose to A$951 million for the year ended June 30, compared with A$888 million a year earlier.

The company declared a final dividend of 27.5 cents a share, higher than 24 cents a year earlier.

Comparable sales revenue rose 6.9% to A$37.41 billion, Coles said.

($1 = 1.3864 Australian dollars)