Daily Newsletter

30 October 2023

Daily Newsletter

30 October 2023

Coles reports sales revenue growth of 3.6% in Q1 FY24

The retailer’s Supermarkets segment posted gross retail sales growth of 5.7% during the quarter.

Jangoulun Singsit October 27 2023

Australia-based supermarket chain Coles has reported a total sales revenue of A$10.25bn ($6.50bn) in the first quarter (Q1) of fiscal year (FY) 2024.

This is an increase of 3.6% from A$9.89bn in Q1 FY23.

During the 13 weeks to 24 September 2023, Supermarkets segment sales revenue grew 4.7% to A$9.18bn.

The segment delivered gross retail sales growth of 5.7% to A$9.5bn in Q1 FY24 and comparable sales growth of 4.6%.

E-commerce sales in the supermarkets segment increased by 24.6% to A$852m, with 9.1% penetration growth from 7.7%.

Sales revenue of Coles’ liquor segment was A$851m in Q1 FY24, up by 1.8% from A$836m in the same period a year ago. Its gross retail sales rose by 1.7% to A$853m.

The retailer opened one new store and closed one another, taking the network to 846 supermarkets as of the end of the quarter.

Coles Group CEO Leah Weckert said: “During the quarter, we continued to focus on providing our customers with more value at the checkout through our ‘Great value. Hands down’ campaign, as well as everyday prices, weekly specials and personalised Flybuys offers.

“We added several features to make it easier and faster for customers to find value through our digital platforms. Our expanded exclusive to Coles brand portfolio across food and liquor has never been more important while collectible campaigns have also provided value to customers. Pleasingly for customers, availability continues to improve and inflation in key categories is moderating.”

In August this year, the retailer inducted the first fully electric vehicle to its fleet of online delivery vans.

Traditional AI is here to stay in the retail and apparel space

Initially, retailers used AI for basic tasks, including inventory management and demand forecasting. However, its usage has now become more prevalent in other aspects such as personalized marketing, customer service, pricing optimization, and supply chain management. With the rise of ecommerce and the increasing importance of data-driven decision-making, AI adoption in retail and apparel has accelerated. The industry now relies on AI to enhance the shopping experience, optimize business operations, and gain an overall competitive edge.

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