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.
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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.
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