Coles sales revenue up 3.4pc

Despite its total group sales revenue rising by 3.4 per cent from $9.7 billion to $10 billion in the March 2024 quarter, Coles Group chief executive officer Leah Weckert is acutely aware that customers are not only minimising their discretionary spending - but also shopping across multiple chains in a bid to get value for money.

"Overall, we are pleased with the continuation of trends coming out of the first half," she said during Tuesday's quarterly call.

"We've had a solid third quarter result in supermarkets, which will get more challenging as customers are more cautious with their discretionary spending. In supermarkets, we do believe our value proposition is resonating with customers, supporting continued property volume growth."

Coles’ supermarket-based revenue rose by 5.1 per cent in March 2024, from $8.6 billion to $9.1 billion, while its liquor sales regressed by 1.9 per cent, from $801 million to $786 million.

In the first six months of the 2024 financial year, Coles posted a reported net profit after tax of $594 million, down 3.6 per cent, or $616 million, from the prior corresponding period – along with an underlying NPAT of $626 million, down from $628 million in the first half of 2023.

Coles closed trade at $16.22 per share, down 0.31 per cent.