‘Biggest concern’: Coles boss says energy bills a worry as food prices rise

“Coles’ businesses are not immune to the inflationary cost pressures, including the impact from increased logistics and fuel costs, salary and wages and construction costs on capital expenditure projects,” the company said.

Comparable sales were up 2.1 per cent in supermarkets for the quarter, down 4.1 per cent in liquor and up by 9 per cent in the group’s Express business, which Coles will soon exit as part of a deal with Viva Energy.

Cain said the company’s sales were staying strong overall even now that the lockdowns had ceased, thanks to improved availability of products as well as value-for-money campaigns such as the supermarket’s price lock scheme to counter some of the cost-of-living pressures.

“The successful introduction of “Dropped and Locked” prices is more relevant than ever with rising inflation placing pressure on many Australian households,” he said.

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Despite the rising cost-of-living pressures, Coles is optimistic for the festive season, saying its range of Christmas food and liquor products will provide shoppers with good value.

Coles shares opened 0.4 per cent higher to $16.67.

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