The Coles Group (ASX:COL) upgrades profit guidance

Company News

by Rachael Jones

The Coles Group (ASX:COL) has upgraded its profit guidance after reporting their 2020 Half Year Results announcement.

Supermarkets comparable sales growth had trended towards the level achieved in the fourth quarter of the 2019 financial year.

However, the success of the Christmas campaign exceeded expectations with Supermarkets delivering comparable sales growth of 3.6 per cent in the second quarter and 2.0 per cent for the first half.

Comparable sales growth in Liquor and Express were 2.1 per cent and 5.1 per cent respectively for the second quarter and 1.5 per cent and 2.9 per cent respectively for the first half.

Shares in the Coles Group (ASX:COL) are trading 1.59 per cent higher at $16.91.