esfarmers, the Perth-based conglomerate that owns Coles, said this morning that its flagship Coles food and liquor division recorded third quarter sales of $6.49 billion, up 6.6 per cent for the period.Like-for-like sales for the key division rose 5.3 per cent. It was the best growth rate notched up by Cole since the third quarter of 2011. Coles achieved its 16th consecutive quarter of growth in like-for-like sales.
Total sales for Coles, which combines its food and liquor business as well as convenience stores, increased 6.4 per cent to $8.35 billion in the quarter.
Food and liquor sales were up 5.5 per cent to $20.8 billion for the financial year to date.
All of Wesfarmers key retail operations (supermarkets, hardware, office supplies and general merchandise) posted positive sales growth for the third quarter.
Coles managing director Ian McLeod said good comparative sales growth was driven by strong volume growth.
The supermarket chain recorded overall food and liquor price deflation of 1.3 per cent in the third quarter, with price deflation of 1.7 per cent recorded for the financial year to date.
Coles shares were up 23 cents, or 0.6 per cent, at $42.12 in morning trade.
The restructure and revival of Coles, once an underperforming supermarket group, continues to take shape as the junior supermarket in Australia steals the spotlight and customers from its much bigger rival Woolworths.
Coles remains in front of Woolworths in terms of sales growth. Last week Woolworths said its Australian food and liquor division had increased sales by 5.6 per cent to $9.945 billion.
Comparable store sales for the division, which accounts for nearly 70 per cent of Woolworths' group sales, increased 3.8 per cent.
