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Highlights
- Shares of Coles were spotted trading in green on ASX, up 0.741% as of 10:35 AM AEDT today (7 November).
- The retailing giant reported a mixed first-quarter FY23 update on 26 October.
- Coles’ Supermarket sales grew by 1.6% during the quarter.
In the morning trade, shares of the Australian grocery giant Coles Group Limited (ASX:COL) were trading on a positive note 'despite there being no price-sensitive update' from the company after its Q1 FY23 results. Coles’ shares were spotted trading 0.741% higher, at AU$16.300, on the ASX today (10:35 AM AEDT, 7 November 2022).
The shares of Australia's leading retailer decreased by 0.06% in last month and around 0.12% over the past five days as of 10:35 AM AEDT today (7 November). Furthermore, Coles has lost 7.86% over the course of a year and 8.99% year-to-date.
As per the ASX filing, in the three months leading up to 30 September Coles group sales increased by a mere 1.3%. Express and Supermarkets sales increased by 8.4% and 1.6%, respectively. However, Coles’ liquor segment saw a decline of 4.3% during Q1 FY23.
A sneak peek at Coles’ Q1 FY23 results
- Coles’ Supermarkets division reported a sales revenue of AU$8.8 billion for Q1 FY23, with a 1.6% increase from the prior comparable period (PCP).
- Gross retail sales increased to AU$9 billion, with a gain of 2.3%, and comparable sales grew by 2.1%.
- The company saw a decline in eCommerce sales post COVID. Sales penetration, on the other hand, increased by 7.6% in comparison to 7.4% in Q4 FY22.
- The Supermarkets segment witnessed a price inflation of 7.1%, up from 4.3% in the last quarter.
- The sales for exclusive Coles products rose to AU$2.9 billion during the first quarter, with an increase of 1.1% compared with the PCP.
- The company expanded its supermarket network in Q1 FY23 by renewing three stores and adding four new ones.
- The Liquor segment faced a 4.3% decline in sales revenue during Q1 FY23, totalling AU$836 million. However, on a three-year basis, the company’s liquor sales increased by 15.2% during the first quarter, up from 14.3% in Q4 FY22.
- eCommerce sales for the liquor segment grew by 3.9% during the quarter.
- Coles’ Express segment witnessed an 8.4% increase on the PCP in its sales revenue during the quarter. The C-store sales revenue was AU$284 million, alongside gross retail sales of AU$301 million, up 7.9%.
- Coles also sold its fuel and convenience business to Viva Energy in Q1 FY23 for an AU$300 million headline price.
- Fuel volumes climbed by 19.8% during the quarter.
