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…