Coles Q3 revenue lifts as supermarket sales rise
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The news: Coles Group has lifted its third quarter revenue on the back of a solid rise in supermarket sales.
The numbers: The supermarket giant posted a 6.4% increase in third quarter revenue to $10.03 billion. Its flagship supermarkets business reported a 5.1% lift in revenue for the 12 weeks to 24 March 2024, to $9.07 billion, while liquor sales dropped 1.9% to $786 million.
The context: The retailer said momentum from the first half continued into the third quarter with sales revenue and volume growth driven by successful execution of its summer value campaign, trade events in store and online, as well as strong trade in the lead up to Easter.
The supermarket is currently facing parliamentary scrutiny over price gouging, and said supermarkets price inflation reduced to 2.2% in the third quarter as a result of moderating inflation in the packaged category coupled with deflation within the fresh category.
It said supermarkets volumes have remained positive in the early part of the fourth quarter, with continued deflation in fresh produce and meat and moderation in inflation across broader packaged categories.
The source: ASX announcement
