Grocer Coles reported fourth quarter sales of Aus$6.2bn (£413.6bn), up 5.2% like-for-like. Store development and operations director Stuart Machin said continued rises in the cost of living have made customers watch how they spend their money more closely. “Our lower prices and our ‘down down’ campaign has been well received and appreciated,” he said.

Coles is entering its fourth year of turnaround – so far it has refitted 147 stores, completed its roll-out of automated ordering, developed more than 1,200 leadership roles, and reduced store costs.