Coles wins as supermarket sales fall 6 percent – but not bad news for grocery company
Coles reported a 5.1 percent decline in third-quarter sales to $ 8.76 billion, a trade that normalized compared to the unusual panic purchase of locks during the same period last year.
Supermarket sales fell 6.1 percent to $ 7.72 billion for the 12 weeks to March 28.
However, liquor sales rose 2.6 percent to $ 759 million and Coles Express sales rose 7.4 percent to $ 275 million.
Coles reported a 5.1 percent decline in third-quarter sales to $ 8.76 billion, a trade-off compared to unusual panic purchases over the same period last year (stock image)
Online sales increased 49 percent over the 12-week period.
The same period last year saw double-digit sales growth as an upcoming lock due to COVID-19, prompting shoppers to buy panic for items ranging from pasta to toilet paper.
Single store sales rose 13.1 percent in the third quarter of last year.
The company said it has begun to normalize consumer behavior as customers return to shopping centers, increasing shopping trips and improving transaction growth.
Coles, meanwhile, said trade was on the rise in the current quarter.
In the first four weeks of the June quarter, supermarket sales increased by about four percent.
This increase was somewhat evident as social remote controls were introduced in April last year due to a slowdown in sales.