Coles unprecedented 13.1 percent growth in 2020?

  • April 29, 2020 08:55 PM AEST
  • Team Kalkine

Bauer Media is making 70 Australian staff redundant and temporarily suspending the print editions of titles including OK! and Elle due to financial pressure caused by a sharp downturn in the advertising market and a $40 million acquisition of Pacific Magazines.

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Coles has booked an unprecedented 13.1 percent growth in quarterly comparable sales across its supermarkets, but panic-buying consumers have already changed their habits as they stay indoors due to coronavirus restrictions.

Coles said total supermarket sales revenue for the third quarter rose to $8.23 billion - up 13.8 percent on the same time last year - as shoppers stockpiled groceries in the face of looming COVID-19 lockdown measures.

US private equity firm Blackstone has bought a 10 percent stake in Crown Resorts from Macau casino operator Melco for a discounted $551 million. The crown on Wednesday said an entity controlled by Blackstone had bought about 67.7 million of its shares from Melco, which in February had shelved a bid to raise its holding in the Australian firm due to a plunge in traveler numbers.


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