CANBERA (dpa-AFX) - Australian supermarket chain Coles Group Ltd. (COL.AX, CLEGF) reported Thursday higher sales revenues in its first quarter with growth in supermarkets, despite a drop in liquor sales.
In Australia, Coles shares were losing around 3.1 percent to trade at A$22.01.
In the first quarter, total Group sales revenue increased 3.9 percent to A$10.96 billion from last year's A$10.55 billion.
Supermarkets sales revenue was A$9.97 billion for the first quarter, an increase of 4.8 percent from prior year's A$9.51 billion. Comparable sales increased 4.6 percent. Excluding tobacco, sales revenue increased by 7.0 percent.
Liquor sales revenue, meanwhile, dropped 1.1 percent to A$842 million from A$851 million a year ago. Comparable sales declined 1.4 percent.
In Liquor, the market remains challenging as consumers remain budget conscious.
Coles Group CEO, Leah Weckert, said, 'We continue to see positive results from our major transformation projects with availability reaching its highest levels since pre-COVID and eCommerce sales penetration reaching 13.3 percent. In Liquor, we made significant progress with our 'Simply Liquorland' banner simplification making our network more accessible to a broader audience and delivering a positive impact on sales.'
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