Coles 1Q Sales Rise 1.8% on-Year, Strengthen Further in 2Q

By Stuart Condie

SYDNEY--Coles Group Ltd.'s first-quarter sales rose by 1.8% on-year and the Australian supermarket operator said it is seeing further growth so far in its fiscal second quarter.

The ASX-listed firm on Wednesday reported gross retail sales for the three months through September of 10.16 billion Australian dollars (US$6.50 billion), up by 1.8% on a comparable basis. On a statutory basis, Coles reported A$9.89 billion in sales revenue, up 1.3% on-year.

Coles said that price inflation at its supermarket chain was at 7.1% in the first quarter, compared with 4.3% in the fourth quarter of fiscal 2022. It expects inflation to rise further in the three months through December.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

10-25-22 1817ET