You only need to look at Coles’ and Woolworths’ share prices to see how the gap between Australia’s supermarket powerhouses has opened up in the past 12 months: Woolworths’ stock has gone nowhere despite its obvious defensive qualities, while Coles is up more than 31 per cent.
Five numbers contained in the March quarter sales chief executive Leah Weckert delivered on Wednesday help explain this divergence. For the moment at least, Team Down Down appears to be showing the Fresh Food People a clean pair of heels.
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