Coles records increased revenue in third quarter

Coles has reported a revenue rise of 3.4 per cent year over year to $10.03 billion, with higher supermarket sales heavily attributable.

In the supermarket giant’s third quarter update, it revealed that supermarket sales revenue increased 5.1 per cent to $9.065 billion, while liquor revenue declined 1.9 per cent to $786 million.

Leah Weckert, CEO of Coles Group, said they have delivered another solid sales result across its supermarkets this quarter reflecting strong execution of its trade plans and continued focus on delivering great value and great quality alongside improved availability.

“We have also seen a meaningful increase in customers interacting with our digital platforms and loyalty programs which is allowing us to engage on a more personalised basis with these customers.”

Coles’ ecommerce sales showed strong growth, with a 34.9 per cent growth in ecommerce supermarket revenue to $856 million and penetration growing to 9.3 per cent in the third quarter. Coles App monthly active users also grew by 44.1 per cent.

“We remain committed to providing our customers the best possible value on their grocery bills. We are well positioned in the current economic environment as we continue to invest in value, including through our Autumn value campaign with the prices lowered on 300 products in store and online,” said Weckert.

During the quarter, Coles renewed 11 stores, opened two new stores and closed one store, taking the total network to 851 supermarkets.

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