The nation’s second-biggest supermarket chain benefited from the troubles of its larger rival Woolworths,which saw its earnings plunge after a 17-day worker strike left shelves bare.
In a trading update on Thursday,the supermarket giant said shoppers were visiting up to eight other retailers a week to make their dollars stretch.
Coles is battling to win consumer trust – and a bigger share of the Christmas shop as customers spread their spending over a longer time and more retailers.
The supermarket giant’s outgoing CEO refused to answer repeated questions about the company’s return on equity,which infuriated Greens senator Nick McKim.
The sparring between Greens senator Nick McKim and Woolies boss Brad Banducci deteriorated into an unedifying headbutting contest.
The febrile hunt for profiteers in the midst of a cost-of-living crisis meant Australia’s largest companies had to worry about the potentially disastrous consequences of doing too well.
Supermarket giant Coles is banking on consumers heading out less this festive season and being laser-focused on their budget for Christmas dinner.
It is a tough gig for Coles boss Leah Weckert. Some criticise the company for making too much money while shareholders complain it isn’t making enough.
Prices for some fresh foods and red meat are falling,but the grocery giant’s results failed to impress investors amid concerns about a rising wave of thefts.