0113 GMT - Aussie grocer Coles posted 3Q supermarket sales slightly ahead of what was expected by Jefferies' analysts Michael Simotas and Naveed Fazal Bawa. They describe it as a "solid outcome" given that it was a relatively demanding comparison that was being cycled from the prior year. Overall, 3Q supermarket sales of A$9.4 billion was 0.5% ahead of Jefferies estimates. And on a holiday adjusted basis, the Jefferies analysts say supermarket comparable sales grew 3.2%, above the 2.2% that they expected. They caution that the supermarket figures are unlikely to change consensus estimates moving forward, and that costs associated with a simplification program at Coles's liquor business could drive a small downgrade. Jefferies has a hold rating on Coles. (mike.cherney@wsj.com)
(END) Dow Jones Newswires
April 29, 2025 21:13 ET (01:13 GMT)
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