Jefferies Expects Coles Shares to Weaken After 1Q Sales Update
Coles said supermarket same-store sales rose 2.7% in 1Q. Jefferies said the update disappointed, with analyst Michael Simotas noting the increase lagged Woolworths by a larger-than-expected margin.
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10:55:20 PM UTC
SquawkNews
Investors are likely to focus on two areas in the wake of a disappointing update from Coles Group, reckons RBC Capital Markets. First is the apparent loss of market share in supermarkets. Coles reported same-store sales growth of 2.7% in 1Q. That fell short of RBC's estimate of 3.2% growth. And a p…