Reported 27 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