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Coles’ revenue continues growth in first quarter

Coles has continued riding the wave of heightened grocery activity throughout the first quarter of FY21, with group sales revenue growing 10.5 per cent to $9.6 billion.

Comparable sales growth in its supermarkets sector hit 9.7 per cent, with online sales up 57 per cent, while liquor sales grew 17.8 per cent and 80 per cent respectively.

Coles chief executive Steven Cain said the business made good progress in growing its online and digital offer, while ensuring the long-term growth of Coles.

“After a year like no other, and as we head into summer and Christmas, Coles is ready to play an inspiring part in lowering the cost of the many smaller celebrations that will take place as Australians reunite with their friends and family,” Cain said.

“I would like to thank our team, our suppliers, our community partners, the state and federal government, and of course our customers for helping us to navigate our collective way through the first and second waves of Covid-19.”

Coles’ supermarkets continued to see a customer focus on home cooking and hygiene, with sales of these products up around 30 per cent. Conversely, beauty, infant formula and tissues all saw double-digit declines.

And the business’ Express stores have continued see benefit from the push away from CBDs and the consumer-drive shift toward the convenience channel, enjoying comparable growth of 10.2 per cent, largely from sales in the drinks, coffee and tobacco sales.

Fuel volumes declined by 19.4 per cent however, largely due to the impact of Stage 4 restrictions on Victoria.

In the first four weeks of the second half, Coles supermarkets saw comparable sales normalise to 6.4 per cent up on last year, while online sales remained elevated at 45 per cent.

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