Woolworths, Coles in sales growth dead heat

 In Australia, Coles, NewZealand, Woolworths
In a dead heat between Australia’s two biggest supermarket chains, Woolworths and Coles have tied for third quarter growth, setting up the final quarter of the financial year as the next chance for Woolworths to dislodge arch rival Coles as the fastest growing supermarket business after five years of coming second.
Woolworths has reported this morning third quarter like for like sales growth of 3.5 per cent Easter adjusted for its flagship Australian supermarket operations, matching the 3.5 per cent posted by Coles yesterday for the same period.
In early trade this morning, Woolworths shares are down 2.1 per cent to $37.25.
When Coles yesterday reported slowing growth to 3.5 per cent, adjusted for the timing of Easter, it was expected Woolworths would eclipse that with growth of around 3.8 per cent, giving it crowing rights as the faster growing business for the first time in 18 quarters.  Sydney Morning Herald – Read more…

Recent Posts

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.