Coles posted better than expected results for its first quarter to September 27, thanks to rising food and alcohol sales.
The grocer’s food and alcohol sales rose 7.3% compared with the same period a year earlier, and were up 6.1% on a same-store basis. Fuel and convenience sales climbed 6.5% and 1.3% like for like.
Coles managing director Ian McLeod said the progress on the five-year turnaround of Coles had been encouraging to date, and was cautiously optimistic on trading. “Consumer sentiment is improving, but I think customers will still remain value conscious,” he said.