Coles Group (ASX:COL) delivered overall "solid" results for the fiscal third quarter as its own-brand sales in the food segment continued to outperform, Jarden said in a Friday note.

Supermarket sales increased 4% year over year to about AU$9.8 billion, in line with Jarden's estimates, and are also off to a strong start in the fiscal fourth quarter.

However, liquor sales of AU$781 million were down nearly 4% from the prior year and 2% below Jarden's estimate, showing "little sign of any benefit of the re-badge coming through," the equity research firm said.

It added that the disappointment in liquor was not unexpected and is not too material.

Coles Group flagged earnings pressure in the liquor segment for the fiscal second half, but the company continues to execute well, Jarden said, adding that it expects very modest downgrades to consensus forecasts.

Jarden maintained an overweight rating on the company with a target price of AU$21.60.