Sales at Coles edged higher in the third quarter, its latest results have revealed, as the supermarket sector faces heated criticism over claims of profiteering.
Unveiling its latest results on Tuesday, the supermarket giant reported that revenue from continuing operations rose to $10.03bn in the March quarter, up 3.4 per cent from the corresponding period a year prior.
The market update comes amid intense scrutiny on Coles and its larger competitor Woolworths over accusations that the chains have unreasonably inflated their prices during the current inflation squeeze.
The allegations have prompted a wave of federal and state inquiries into competition in the grocery sector, alongside reviews of the relationship between retailers and their suppliers.
“We have delivered another solid sales result across our supermarkets this quarter, reflecting strong execution of our trade plans and our continued focus on delivering great value and great quality, alongside improved availability,” Coles chief executive Leah Weckert said.
“I’m also pleased to report that we are delivering on our commitment to address loss with a positive trajectory throughout the quarter.”
Excluding tobacco, total supermarket inflation was 1.9 per cent.
More to come.