Coles, Australia’s second-largest retailer, has reported an increase in underlying first-quarter sales that came in below analyst forecasts.
The company booked a 3.4% increase in comparable food and liquor sales for the three months to the end of September. However, according to Bloomberg, analysts were expecting a rise of 4%.
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Coles reported a 2.5% fall in food and liquor prices amid “significant fresh produce deflation” and, the retailer said, its “continued investment” in lower prices.
“In an environment where the cost of living has become the single most important issue for Australians, Coles remains committed to lowering prices and delivering stunning quality fresh food to our customers,” Coles MD Ian McLeod.
Coles, meanwhile, reported a 1.6% increase in comparable-store sales from its Coles Express convenience stores.
Click here for Coles’ first-quarter statement.
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