Coles posts higher sales as more customers prefer to eat at home

Coles saw higher sales in the first quarter of FY24, attributed to more customers preferring to eat and have entertainment at home to cut back on discretionary spending.

Group sales rose 3.6 per cent year over year to $10.25 billion, attributed to growth in both the supermarket and liquor segments.

“During the quarter, we continued to focus on providing our customers with more value at the checkout through our ‘Great value. Hands down’ campaign, as well as everyday prices, weekly specials and personalised Flybuys, offers,” said Leah Weckert, CEO at Coles.

“We added several features to make it easier and faster for customers to find value through our digital platforms.”

Supermarket sales jumped 4.7 per cent to $9.19 billion, while liquor sales inched 1.8 per cent higher to $851 million. Sales from other businesses hit $214 million during the quarter.

“Our expanded Exclusive to Coles brand portfolio across food and liquor has never been more important, while collectible campaigns have also provided value to customers. Pleasingly for customers, availability continues to improve and inflation in key categories is moderating,” said Weckert.

Coles opened one new store and closed one during the quarter.

• Coles’ challenges for the year ahead: reining in costs and retail crime.

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