Coles releases 2020 results

    Coles convenience sales revenue was $1.1 billion for the year, an increase of 5.6% on the prior year, with comparable sales growth of 4.6% largely driven by COVID-19 related pantry stocking.

    For the fourth quarter, convenience store sales revenue increased by 8.4% and comparable convenience store sales growth was 8.3% relative to the prior year.

    During the year, seven new sites were opened, and eight sites closed, taking the total network to 713 sites.

    The report states that fuel volumes declined by 2.3% during the year with comparable fuel volumes declining by 2.5%. Average weekly fuel volumes of 59.5ml per week, were recorded during the year.

    CODB as a percentage of sales decreased by 153bps to 55.2% as a result of cost control and efficiency measures throughout the year. Express recorded a loss for the full year of $16 million, as a result of a material decline in fuel volumes and in part, convenience store margin deterioration as customers shifted towards top-up and non-food categories in the latter part of the year.

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