Australia's second-biggest grocery chain Coles Group Ltd said on Wednesday supermarket sales leapt by a record 13.1% in the March quarter, boosted by a buying frenzy driven by the coronavirus pandemic and the subsequent lockdown.
) said on Wednesday supermarket sales leapt by a record 13.1% in the March quarter, boosted by a buying frenzy driven by the coronavirus pandemic and the subsequent lockdown.
But Coles said shopping volumes were now moderating and shopping patterns would likely change permanently as the country enters a probable recession, with less “impulse” purchases such as softdrinks and more spending on ingredients to cook from scratch like baking goods. With unemployment expected to double in the coming months, Coles expects shoppers to save money by buying larger packs and more house-brand goods.
Still, shares in Coles fell 3% by mid-session on Wednesday in a flat overall market . Since Feb. 20, Coles shares are down 3%, compared to a 25% dive in the broader Australian market.
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