Australia’s second-largest grocery retailer Wesfarmers today (26 July) posted a 4.3% sales rise in its Coles supermarket division for 2010.
Sales at Coles reached A$29.77bn (US$26.72bn) for the 12 months to 27 June, compared with A$28.55bn a year earlier.
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During the fourth quarter of the fiscal year, sales at Coles rose 5.5% to reach A$7.45bn, with strong gains seen its convenience operations, where sales were up 10.7% year-on-year.
Wesfarmers managing director Richard Goyder said the results were impacted by continued deflation. “Deflation continued in the second half of the year, driven by fresh produce deflation and continued investment in lowering everyday prices,” he said.
Goyder added the retail division, which includes DIY chain Bunnings and Officeworks, as well as general merchandise retailers Target and Kmart, performed solidly, “especially given the positive impact of the Australian Government stimulus payments on sales in the prior corresponding period”.
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