Wesfarmers rings up sales increase
Wesfarmers said sales rose at its Coles supermarkets in its fiscal fourth quarter as higher sales volumes and government handouts offset record price deflation.
The retail-to-coal company said same-store food and liquor sales at Coles, which makes up about half of group revenue, rose 3.0 per cent in the fourth quarter from a year earlier.
That was a touch below market forecasts for 3.2 per cent growth, according to a Reuters survey of five analysts, and compared with growth of 1.3 per cent at top rival Woolworths.
Shares in Woolies have fallen 11 cents, or 0.4 per cent, to $28.06, while Wesfarmers fell 17 cents, or 0.5 per cent, to $31.81. Sydney Morning Herald – Read more…