Australian supermarket chain the Coles Group has reported a 3.4% increase in total sales revenue for the third quarter (Q3) of fiscal year 2024 (FY24), reaching A$10.03bn ($6.58bn) compared to A$9.70bn in Q3 FY23.
The supermarket division of Coles reported a sales revenue of A$9.06bn, a 5.1% increase from the previous year’s A$8.62bn.
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This growth was reflected in a 4.2% rise in comparable sales in Q3 FY24.
Coles’ exclusive product lines also saw significant growth, with an 8.8% increase in sales revenue to A$3.1bn.
The company’s focus on value and volume growth, coupled with the introduction of more than 200 new products, including an extensive Easter range, has contributed to this success.
E-commerce sales in the supermarket segment rose by 34.9% to A$856m, with the e-commerce penetration rate climbing to 9.3% for the quarter.
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By GlobalDataSales on the online platform were bolstered by robust home delivery and Click & Collect services.
The influence of Coles’ digital platforms on in-store purchases is becoming increasingly evident, with more than 20% of store sales linked to customer research conducted via the Coles App or website.
This indicates a trend of customers researching online before making in-store purchases.
Coles 360, the company’s retail media business, also saw a substantial increase in income, growing by 30.5% during the quarter.
The total group gross retail reached A$10.28bn, marking a 3.2% increase from A$9.96bn in the same quarter of the previous fiscal year.
During the quarter, the retailer renewed 11 stores, opened two new stores and shuttered one closure, bringing the total to 851 supermarkets.
Coles Group CEO Leah Weckert said: “We have delivered another solid sales result across our supermarkets this quarter, reflecting strong execution of our trade plans and our continued focus on delivering great value and great quality alongside improved availability.
“We have also seen a meaningful increase in customers interacting with our digital platforms and loyalty programmes which is allowing us to engage on a more personalised basis with these customers. I’m also pleased to report that we are delivering on our commitment to address loss with a positive trajectory throughout the quarter.”
