Australian retailer Coles Myer has posted a 24% rise in third-quarter sales, boosted by its discount fuel offer.
The company said sales were A$8.0bn (US$5.5bn) in the third quarter to 25 April, compared to $6.47bn in the same quarter of the previous year. The result beat analysts’ expectations of 20-22% growth, reported Dow Jones News.
Coles Myer’s main food, liquor and fuel business posted sales growth of 34% to $5.58bn as it expanded its fuel discount scheme and sped up its rollout of Coles Express fuel and convenience store outlets. The company opened 241 Coles Express outlets in the third quarter, bringing its total to 598.
Same-store sales growth was 5.1% at the food and liquor unit, excluding fuel and convenience sales.