In a trading update on Wednesday morning, the retailer told investors its sales across the company for the three months to the end of September were up 10.4 per cent on a comparable level, one of Coles' highest-ever quarterly results.
Coles and its rival Woolworths have both seen skyrocketing sales figures over the past eight months thanks to the COVID-19 pandemic, which fuelled waves of frenzied panic buying early in the year as customers panicked over food supply.However, with restrictions in the southern state easing on Wednesday, sales may begin to moderate at the retailer admitted Coles' chief executive Steven Cain.
Mr Cain was also bullish on comments made by Reserve Bank deputy governor Guy Debelle on Tuesday who said it appeared that Australia's"If Australia can have a short, sharp recession and be one of the first countries out, that's great news. And that will be a testament that what the government's done has been the right thing to do," he said.
A total of $65 million in COVID-related costs were flagged by Coles for the quarter, though the supermarket noted this was lower than the $170 millionColes CEO Steve Cain said he expected the supermarket would continue to post solid sales figures for the next few months before hitting the"panic-buying wall" in March, where sales will start to be compared against the spikes seen earlier this year.Liquor sales grew 17.
Supermarket is literally the only place open for money spending for months!
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