Wesfarmers Ltd
(ASX:WES) has beaten analysts expectations to record a 6.7 per cent improvement in total quarterly sales for its Coles supermarkets chain on the back of a strong Christmas trading period.
The company that owns retail stores such as Officeworks and Bunnings, says Coles sales rose to $8.8 billion in the 14 weeks from late September until early January this year.
In the same period Bunnings posted 2.4 per cent growth and Officeworks added a 4.3 per cent to quarterly sales. Managing director Richard Goyder says trading for the quarter was driven by ongoing product innovation, improving store standards and availability and continuing investment in value for customers.
My Goyder also added that deflation was evident across all divisions, driven by a competitive retail landscape and a strong Australian dollar.
Wesfarmers booked a net profit of $1.6 billion in the year to 30 June 2010.
