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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.