Chief executive Leah Weckert says Coles’ plan to show customers its products are good value is working, with the supermarket giant reporting better-than-expected sales – far higher than Woolworths’ over the first half of the financial year.
The upbeat mood at the country’s second-biggest supermarket chain contrasted with the difficulties at Woolworths, which announced this week it would slash $400 million in costs and reduce its range to convince investors it had a plan to return to profit growth.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
