Chanticleer
Coles has a bit of a booze problem
While Coles’ supermarket sales are holding up well, a shock drop in its liquor division tells a story about the growing pain of interest rates.
After the month Coles chief executive Leah Weckert has had, she could be forgiven for needing a drink or six. Accusations of price gouging, a grilling by a Senate committee and, on Tuesday, the release of Coles’ March quarter trading update – the scrutiny is intense, and it’s likely to remain that way.
The numbers from Coles’ supermarket business were solid enough, with comparable sales growth of 4.2 per cent likely to come in well above that of rival Woolworths, which reports its March quarter numbers on Wednesday.
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