Coles Group Ltd (ASX:COL) records sales increase

Coles Group Ltd (ASX:COL) has recorded a 1.8 per cent increase in total group sales to $8,695 million in the first quarter of the 2020 financial year.

The Coles Supermarket segment recorded its 48th consecutive quarter of comparable sales growth, despite it cycling the hugely successful Little Shop promotion from the first quarter of FY 2019.

The first quarter sales report resulted that Coles Online sales revenue grew by 23.5 per cent, Click & Collect remains the fastest growing channel for online and Own Brand sales revenue grew by 4.7 per cent.

The supermarket giant also reported that the long term effects of the drought is having an impact, which has contributed to price inflation for the quarter of 1.4 per cent.

All eyes will now be on direct competitor Woolworths Group Ltd (ASX:WOW) when it releases its numbers on Wednesday.

Shares in Coles Group Ltd (ASX:COL) are trading 1.92 per cent higher at $14.84.

Copyright 2019 – Finance News Network

Source: Finance News Network