Coles Group: Value becoming more important
About the author:
- Author name:
- By Alex Lu
- Job title:
- Date posted:
- 01 May 2023, 7:00 AM
- Sectors Covered:
- Coles Group's (ASX:COL) 3Q23 sales trading update overall was above our expectations.
- 3Q22 LFL sales growth (yoy): Supermarkets +6.5% (vs MorgansF +3.0%) and Liquor +1.5% (vs MorgansF +2.5%).
- Management said Supermarkets sales growth has continued into 4Q23 with volumes remaining modestly positive, while supplier input cost inflation is expected to continue to moderate.
- We adjust FY23/24/25F underlying EBIT by +1%/+1%/+1%.
- Our target price rises to (login to view) and we maintain our Add rating.
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