Coles relaunches price lock program as sales growth slows

Summarised from 2 outlets · Updated 30 Oct, 00:09 · Archive

Coles is relaunching its price lock program and expanding its exclusive range ahead of Christmas as cost-of-living pressures slow sales growth.

Coles has relaunched its Every Day Price program and expanded its Exclusive to Coles range as it prepares for the busy Christmas period. The supermarket giant announced these moves to the ASX on Friday in response to mounting cost-of-living pressures affecting customer spending.

Under the Every Day Price program, Coles guarantees the price of eligible products stays locked and consistent for six months or more from the time they are added to the scheme. Chief executive Leah Weckert said the company is investing more to lower prices and provide greater value for customers.

Weckert noted that cost-of-living pressures and elevated competitor promotional activity continue to influence customer behaviour. 'While supermarkets sales growth remained in line with the prior quarter, we know household budgets are under pressure and customers are shopping more deliberately across retailers and channels,' she said. The company said sales remained 'resilient' although growth had moderated in the first four weeks of the second quarter compared with the first three months of the financial year.

Coles also cited the war in Iran as putting pressure on its margins alongside broader cost pressures affecting the business.

How it is being reported

• Coles relaunches price lock program as living costs hit supermarket sales growthColes has extended two of its key programs ahead of the busy Christmas period, as it flags cost-of-living pressures on Aussie families.Perth Now · 29 Oct, 23:30
• Coles relaunches price lock program as living costs hit supermarket sales growthColes has extended two of its key programs ahead of the busy Christmas period, as it flags cost-of-living pressures on Aussie families.The West Australian · 29 Oct, 23:29

In this story: Coles · Leah Weckert · Iran · Australia

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