Key takeaway: The result was better than expected and showed that Coles is performing better than rival Woolworths, which is struggling with issues in rebranding its New Zealand operations.
Shares in leading Australian grocery chain Coles Group surged by 6.7% on the ASX today after the company posted higher interim sales and better than expected profits, with analysts judging the company’s performance had exceeded that of major rival Woolworths.
Coles shares were up to A$16.94
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Key points
Revenue: Up 3% to A$22.3b
Net profit: Down 3.6% to A$594m
Key takeaway: The result was better than expected and showed that Coles is performing better than rival Woolworths, which is struggling with issues in rebranding its New Zealand operations.
