Coles sales up 6.5pct third quarter to $9.7b

April 28, 2023 10:51 AM AEST | By AAPNEWS

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Coles sales up 6.5pct third quarter to $9.7b — Image source: AAPNEWS

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Coles' supermarkets sales have exceeded expectations despite cost of living pressures piling on customers.

Total group sales in the third quarter grew 6.5 per cent to $9.7 billion, with supermarket sales up 7.0 per cent to $8.6b and liquor sales rising 2.6 per cent to $801m, the company reported on Friday.

Outgoing CEO Steven Cain attributed the success to Coles' home brand range, Flybuys points program and weekly special deals.

"At a time when cost of living pressures are mounting for many customers, the unique combination ... has successfully driven sales and volume," he said in the announcement.

During the quarter there were modest improvements in supply chain availability, but some problems remained, and Coles also reported stock loss headwinds from theft had been an issue..

E&P Financial retail analysis Phillip Kimber said that Coles' supermarket sales were above expectations and had exceeded the entire industry's sales growth for the first time since 2021, according to ABS data.

But the liquor and convenience sales were both below expectations, he said.

The Coles Express fuel and convenience business have been acquired by the Viva Energy Group, with the transaction expected to be complete by the end of May.

Coles customers will still be able to access the four cent per litre fuel docket and Flybuys program regardless of the sale.

Mr Cain will hand over the CEO reins to Leah Weckert on Monday, the first woman to head the company in its 109-year-long history.

Ms Weckert has been a senior member of Coles' executive leadership team since the 2018 demerger from Wesfarmers.

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