Coles’ third quarter sales results reveal a total group sales revenue increase of 6.5 per cent to 9.7 billion, including a 2.6 per cent rise in liquor sales revenue rising to $801 million.
Steven Cain, CEO of the Coles Group, said Coles’ unique combination of own brand offerings, low prices, weekly specials, promotions and rewards programs drove the sales increases.
“At a time when cost of living pressures are mounting for many customers, the unique combination of Australia’s largest own brand range, hundreds of dropped and locked prices, thousands of weekly specials, free Masterchef cookware and Flybuys points has successfully driven sales and volume. Pleasingly we saw some modest improvement in supply chain availability however there is still more to do,” he said.
A return to sales revenue growth this quarter for Coles Liquor is partially due to the lifting of on-premise restrictions present at this time last year.
Sales growth was driven by continued e-commerce growth, up 28.9 per cent, and growth in the Exclusive Liquor Brands (ELB) portfolio of 15.2 per cent.
Liquorland continued to be the strongest performer in the Coles Liquor portfolio, and ready-to-drink (RTD) remains the strongest performing category.
Continuing their store format refresh, 41 liquor stores underwent renovations this quarter, including the 400th Black & White rebrand. Two new stores opened in New South Wales, one in Deniliquin and the other in St Leonards.
These third-quarter results were released just as Cain hands the reigns to Leah Weckert, who takes over as the Coles Group’s first-ever female CEO today.
“As I hand over the reins of this iconic, and now “essential” 109-year old company to Leah Weckert…I am proud of what has been achieved for all our stakeholders over the last five years since demerger.
“Customers rate Coles as one of Australia’s most trusted brands, and our millions of direct and indirect shareholders have benefited from upper quartile returns,” said Cain.
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