Chanticleer
Coles’ big worry will hit entire economy
Coles chief Steven Cain fears the suspension of immigration due to the pandemic will hit growth for years to come.
Coles chief executive Steven Cain says the “pig in the python” for the supermarket sector – that is, the extraordinary sales surge created by the pandemic – is exiting the system.
Cain delivered another stunning set of numbers for the 27 weeks ended January 3, with total sales surging 8.1 per cent to $20.4 billion, same-store sales in supermarkets up 7.2 per cent and net profit rising 14.5 per cent to $560 million, blowing away even the most bullish analyst expectations.
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