Australia’s second-largest supermarket chain is readying for a Christmas spent at home – but its first-quarter results have undershot expectations.
Shoppers are choosing sparkling wine, prosecco and rosé over champagne, swapping craft beer for mainstream brands, and picking up premixed drinks over spirits as Coles strives to prove it has a range of budget-friendly options ahead of Christmas amid rising cost-of-living pressures.
“The big challenge, I think, is how do we make it increasingly easy for customers to find value in our stores,” Weckert said. Coles’ quarterly figures appear to have undershot expectations, with investors sending the share price into the red for most of the day before recovering to 0.2 per cent at the end of Thursday’s trading session.UBS analyst Shaun Cousins assessed the supermarket chain’s like-for-like sales growth as “slightly below market,” while E&P Capital retail analyst Phillip Kimber said Coles’ results had missed expectations.
In-store Liquorland sales revenue growth was reasonably steady at 1.8 per cent, but it was a different story online, where people are increasingly buying food and drinks: e-commerce liquor sales soared 32.2 per cent, accompanied by a 24.6 per cent growth in online grocery shopping.
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