Coles has released its third quarter results this week.
According to the results, Coles Express sales revenue was $275 million for the third quarter. This was an increase of 7.4% on the prior corresponding period, with comparable Express sales growth of 6.3%.
Sales growth, says Coles, was driven by core convenience categories, such as food-to-go, drinks and confectionery.
While forecourt and tobacco sales continued to contribute to growth, adds the company, the growth did moderate relative to recent periods.
New investments a success
Recent investments in self-service coffee machines and Express’ Rainforest Alliance Certified Urban Coffee Culture blend are said to have also driven double-digit growth in coffee sales and a strong uplift in customer satisfaction.
A decline in fuel
Fuel volumes declined by 7.5% with comparable fuel volumes declining by 9.3%.
Average weekly fuel volumes of 58.8ml per week were recorded, despite the impact of seasonal factors and state-based snap lockdowns that restricted the movement of people.
However, says Coles, average weekly fuel volumes did trend positively after the traditional holiday season with March volumes of approximately 61ml per week.
New stores and closures
During the quarter, one new site was opened and three closed.
At the end of the period there were 721 sites in total.
