Food inflation is rising at a faster rate than expected across fresh and dry grocery foods, with multiple price rises by suppliers this year being passed on to shoppers, supporting sales growth at supermarket giants Coles Group and Woolworths throughout 2023.
UBS head of consumer research Shaun Cousins’ top pick is Metcash, which is holding an investor day in Adelaide on Monday and Tuesday. Mr Cousins flagged that with shoppers heading back to malls, Coles should do well, with the lack of online investment – which has previously hurt it – becoming less of a headwind.Yet the challenge for Coles remains that its rival has a well-refurbished store network, as well as an online advantage, while overall strategy execution remains better at Woolworths, he said. The largest grocery retailer in Australia also has a strong loyalty program.
UBS has a “buy” on Metcash and its independent operators IGA, which is holding its investor day in Adelaide on Monday and Tuesday. This will be the first time new CEO Doug Jones will set his full agenda for the retailer. Mr Woolford expects the focus of the investor day to be about initiatives that drive sales, while updating the company’s IT and distribution centres is likely to be important. He will also look for initiatives to drive more store refurbishments.
Most of the items I purchase on a regular basis have gone up by about 12.5% in the last 6 months.
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