Coles’ convenience sales revenue was $607 million for the first half, according to the retailer’s latest results.
This was an increase of 5% on the prior corresponding period and 6% on a three-year basis as the business cycled lower fuel volumes and convenience store sales in the prior corresponding period as a result of Covid-19 lockdowns.
Gross retail sales of $643 million increased by 4.6% and comparable sales grew by 5.6% on the prior corresponding period.
For the second quarter, sales revenue increased by 2.1% year-on-year, and 4.8% on a three-year basis, while comparable sales growth was 2.7%.
According to Coles, sales growth was driven by the food-to-go category, particularly hot fast food and coffee. Participation in the Magical Builders collectible program in the first quarter, and the Shell Motorsport Collection program in the second quarter also supported sales. This was partly offset by the continued decline in tobacco sales.
Fuel volumes recovered during the half with the prior period being impacted by Covid-19 lockdowns and as fuel prices moderated during the period. Average weekly volumes for the half were 58.4ml per week, up 11% on the prior corresponding period, with comparable fuel volumes increasing by 12.4%.
During the half, five sites were closed, taking the total network to 706 sites.
