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Australian grocer Coles posts near 11% rise in Q1 sales on Victoria lockdown

Credit: REUTERS/DANIEL MUNOZ

Coles Group, Australia's second-largest grocery chain, on Wednesday posted a 10.5% rise in first-quarter sales, driven by a fresh coronavirus lockdown in the state of Victoria.

Adds details on online sales, Victoria lockdown

Oct 28 (Reuters) - Coles Group COL.AX, Australia's second-largest grocery chain, on Wednesday posted a 10.5% rise in first-quarter sales, driven by a fresh coronavirus lockdown in the state of Victoria.

Coles' supermarket business, which accounts for most of the group's earnings, posted a 9.9% rise in sales to A$8.46 billion ($6.03 billion) in the quarter ended Sept. 27.

Online sales in Victoria, Australia's second-biggest state and home to Melbourne, more than doubled.

"In the first quarter, Supermarkets comparable sales growth was driven by Victoria, and to a lesser extent New South Wales, as Stage 3 and subsequently Stage 4 restrictions were introduced," the company said.

However, the company said sales growth in other states were elevated but tapered off in the latter part of the quarter.

Coles said comparable supermarket sales growth was 9.7%, while total sales climbed to A$9.61 billion from A$8.70 billion a year earlier.

Larger rival Woolworths WOW.AX is set to report results on Nov. 4.

($1 = 1.4027 Australian dollars)

(Reporting by Nikhil Kurian Nainan and Rashmi Ashok in Bengaluru; Editing by Maju Samuel)

((NikhilKurian.Nainan@thomsonreuters.com; Twitter: @NikhilKurianN; +91 806 182 2724))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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