Thursday, May 30, 2024

Coles revenue increases in third quarter

Coles has released its 2024 third quarter results, with sales revenue increasing by 3.4% to $10.03 billion.

Supermarket sales increased 5.1% to $9.1 billion, while liquor sales fell 1.9% to $786 million.

Coles Group CEO Leah Weckert says the retailer has delivered another solid sales result across its supermarkets this quarter, reflecting “strong execution” of its trade plans and continued focus on delivering “great value and great quality” alongside improved availability.

“We have also seen a meaningful increase in customers interacting with our digital platforms and loyalty programs which is allowing us to engage on a more personalised basis with these customers,” she says.

“I’m also pleased to report that we’re delivering on our commitment to address loss with a positive trajectory throughout the quarter.”

According to Coles, its supermarkets’ momentum from the first half continued into the third quarter with sales revenue and volume growth driven by:

  • The “successful execution” of the summer value campaign
  • “Well executed” trade events in store and online, including Australia Day and Valentine’s Day
  • The Pokémon Builders collectible campaign

Strong trade in the lead up to Easter also supported sales with Easter falling earlier in 2024 compared to the prior year. Improvements in availability, as the business cycled significant supply chain disruptions in the prior corresponding period, contributed as well.

E-commerce sales across Coles’ supermarkets increased by 34.9% to $856 million.

During the quarter, Coles renewed 11 stores, opened two new stores and closed one store, taking the total network to 851 supermarkets.

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