Coles said it expects earnings to flat line in the first half as it struggles to keep up with a resurgent Woolworths, growing sales at about half the rate of its bigger rival in the first quarter in a trading update that sent its shares down over 11 per cent.
The nation’s second-largest grocery retailer said on Friday that supermarket sales rose by just 3.6 per cent to $10.3 billion, lower than analyst expectations for 4.2 per cent growth, in the first three months of the financial year.
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