There is a lot of market volatility right now, giving investors plenty to think about. I think it would be a good call to invest in S&P/ASX 200 Index (ASX: XJO) blue-chip shares that can deliver solid profit growth and outperform the market.
I'm still optimistic about what the long-term holds for Australia and the ASX share market as a whole. But the short-term can throw up some issues.
If I were looking for which ASX 200 blue-chip shares to buy, the following names could be some of the best ones to own over the next year and the rest of the decade.
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Coles Group Ltd (ASX: COL)
Coles is the second-largest supermarket business in Australia, and it continues to grow in size through both total sales and its supermarket network.
The ASX 200 blue-chip share delivered an impressive first-half FY26 report, with total revenue growth of 3.6% and underlying net profit growth of 12.5%.
Sales growth remained pleasing in the first seven weeks of the second half of FY26, with supermarket revenue up 3.7% (5.3% excluding tobacco).
Coles has attracted customers with its wider range of own-brand products and exclusive Coles items, while also offering convenience and improved value.
I don't know how this new period of inflation will play out, but if it leads to higher food prices, then Coles may be able to pass on price rises again. But, there'll probably be widespread attention on its gross profit margin.
However, its growing scale and new, advanced warehouses should help the company improve its bottom line in the coming years.
Based on CommSec's forecasts, the ASX 200 blue-chip share is trading at 23x FY26's estimated earnings, with a grossed-up dividend yield of 5.2% including franking credits.
Wesfarmers Ltd (ASX: WES)
Wesfarmers owns a number of leading Australian businesses, including Bunnings, Kmart, Officeworks, and Priceline. Other parts of its business include Target, InstantScripts, WesCEF (chemicals, energy and fertilisers), an industrial and safety division, and more.
I like the diversification that Wesfarmers has – it's not too exposed to one area and has the ability to invest in whatever area of its current business (or a new business) it needs to generate the best profit growth for shareholders.
Kmart and Bunnings have continued to deliver sales growth in both HY26 and at the start of the second half of FY26, which I think is an important driver of future value for investors. Wesfarmers' two main businesses offer customers great value products, which could help them perform and gain market share during this period of potential higher inflation.
Wesfarmers' rising profit margins and high return on equity (ROE) make sales growth very rewarding for the business.
The ASX 200 blue-chip share continues to expand its growth avenues, such as selling Anko products in the Philippines, which could become increasingly useful to the overall Wesfarmers picture.
According to the CommSec forecast, the Wesfarmers share price is valued at under 30x FY26's estimated earnings, with a grossed-up dividend yield of 4.1% including franking credits.
