AUS: Coles sales slow in Q3
Coles sales rise 3.9% in Q3
Wesfarmers booked a near-4% rise in third-quarter sales at its Coles supermarket business but shares slipped as revenue growth slowed in the period.
Coles third-quarter sales rose 3.9% to A$6.7bn (US$6.2bn) in the three months to end-March. Comparable sales were up 3.5% after adjusting for the inclusion of New Year's Eve and Easter in the year-ago result.
However, this expansion represents a slowdown from previous quarters with year-to-date sales growth standing at 4.7% from its grocery business. Shares in the Australian conglomerate closed down 2% at $43.01 on the ASX.
Outgoing Coles MD Ian McLeod emphasised the consistency of the firm's top line performance. "This represents a continuation of Coles' strong performance following five years of positive comparable sales growth. Record supermarket sales per square metre, over 20m customer transactions a week and continued growth in underlying volumes and basket size were all achieved in the quarter," he said.
Click here to view the full financial update from Wesfarmers.
Introduction Food Retail in Australia industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018). The p......
Canadean's "Sino Grandness Food Industry Group Ltd - Company Capsule" contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, m...
Consumer foodservice through retail recorded the strongest current value growth of 3% in 2013 among the major categories. This was largely driven by the emergence of foodservice outlets based in super...
This report brings together consumer insight and market data to provide a comprehensive brief of the Australian Dairy Food sector. This allows for the rapid identification of key growth opportunities ...
- Why Mars rice plan not just crop-ticking exercise
- ConAgra Foods: what could happen next? - analysis
- Greencore's food-to-go focus paying dividends
- Interview: Ritter sees growth potential in US, EU
- How Danone aims to meet its 2020 objectives
- Pinnacle to buy Boulder Brands in $975m deal
- Aryzta regional CEO steps down
- Maple Leaf Foods to cut over 400 jobs
- Hovis plans cuts amid anxiety over UK bread demand
- "Serious" suitors lined up for Chicken of The Sea