Home Stock Market Australia’s Woolworths gross sales soar about 10% on stockpiling, rising prices By Reuters

Australia’s Woolworths gross sales soar about 10% on stockpiling, rising prices By Reuters

Australia’s Woolworths gross sales soar about 10% on stockpiling, rising prices By Reuters

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© Reuters. FILE PHOTO: Folks stroll previous a Woolworths grocery store following the easing of restrictions carried out to curb the unfold of the coronavirus illness (COVID-19) in Sydney, Australia, June 16, 2020. REUTERS/Loren Elliott

(Reuters) – Australian grocer Woolworths Group on Tuesday reported a close to 10% soar in third-quarter gross sales, benefiting from shopper stockpiling within the early a part of the quarter in addition to rising inflation and enter prices.

Whereas the nation’s largest grocery store chain confronted COVID-19 associated labour shortages and provide chain disruptions owing to floods in the course of the quarter, elevated shopper spending and surging prices boosted gross sales.

Inflation in Australia surged on the quickest annual tempo in twenty years final quarter as petrol, dwelling constructing and meals prices climbed, in tandem with rising prices internationally, which is leading to increased enter prices for companies.

Woolworths’ gross sales on persevering with operations foundation got here in at A$15.12 billion ($10.66 billion) for the three months ending April 3, up from A$13.79 billion logged a yr in the past.

The grocery store’s greatest phase, Australian Meals, noticed a 5.4% rise in gross sales to A$11.43 billion within the quarter. Comparable gross sales for the division have been additionally up 4.4%.

Smaller rival Coles final week https://www.colesgroup.com.au/DownloadFile.axd?file=/Report/ComNews/20220428/02514421.pdf mentioned it hopes improved inventory availability will curtail racing inflation because it reported a slight uptick in its third-quarter gross sales, however warned hovering provide prices would hassle the economic system for one more yr.

($1 = 1.4186 Australian {dollars})

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