Woolworths Dominates Coles In New Years Sales
Woolworths has released their half-year results, showing an eight per cent jump in sales during the first seven weeks of 2021.
Their sales have continued to grow strongly after significant successes last year.
The COVID-19 pandemic had an impact on Woolworth’s sales as snap lockdowns prompted panic buying and online delivery across Australia.
In the six months to the end of December last year, their sales rose by over ten per cent to $35.8 billion.
The eight per cent jump is almost five per cent more than rival supermarket chain Coles.
It told investors last week that their sales for the first six weeks of the year grew by only three-point-three per cent.
The news had an impact on Coles’ shares, which decreased by five per cent to $17.29 the morning of the announcements.
In contrast, earlier in the pandemic Coles was experiencing twenty to thirty per cent growth rate per month. In the six months up to December, Coles’ total revenue rose by eight per cent to $20.4 billion.
Woolworth’s report also showed a turnaround for Big W, which has been struggling. Sales rose twenty per cent to $2.5 billion, and 2020 was the first year Big W reported a profit since 2015.
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