Coles Sees Slowdown in Q1 Sales Growth Amid Price Cuts

Reported 12 days ago

Australia's Coles supermarket chain reported a decline in comparable sales growth for the first quarter, dropping to 2.4% from 3.6% the previous year due to reduced shelf prices, despite exceeding overall sales expectations. The company is under pressure to lower prices amid ongoing cost-of-living concerns for customers, yet saw a revenue increase of 2.9% to A$10.55 billion. Analysts noted that Coles maintained a positive outlook compared to its rival Woolworths, while also announcing investments in new automated distribution centers.

Source: YAHOO

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