Slow sales growth the new normal for supermarkets, says Coles boss

Slow sales growth is the new normal for Australia’s grocery sector, according to Coles boss John Durkan, who says the country’s No.2 supermarket has turned a corner and is heading for stronger trading in the second half of the year.

Retail conglomerate Wesfarmers revealed on Wednesday that Coles’ earnings fell 14 per cent in the first half of the year, but surprised the market with comparable food and liquor sales growth of 1.4 per cent in the December quarter versus expectations of 0.5 per cent. Sydney Morning Herald – Read more…