Coles (ASX:COL) supermarket sales grow 13% in the quarter
Coles (ASX:COL) supermarket sales have soared in the third quarter.
They performed strongly in January and February prior to the impact of COVID-19, and achieved comparable sales growth of 13.1 per cent for the third quarter, its 50th consecutive quarter of comparable sales growth.
Liquor was negatively impacted by bushfire smog over capital cities and floods in January and February, before being impacted by COVID-19 later in the quarter.
The impact on sales in Liquor only began to materially elevate in the latter part of March, following the Federal Government’s decision to close hotels, pubs, clubs and licensed venue operators.
The section achieved comparable sales growth of 7.2 per cent for the third quarter.
Shares in Coles (ASX:COL) are trading 2.99 per cent lower at $15.75.
Copyright 2020 – Finance News Network
Source: Finance News Network
