Coles (COL) -5.39%: EBIT up 12% for the first half on 1H20, taking the figure over $1b and marginally ahead of expectations. The outlook was the concern for the market today – LFL sales for the first 6 weeks of the new half have trended back around the long-term average at ~3% for the supermarket business. Coles now finds itself a victim of its own success with sales expected to fall into negative territory into the back end of the year and through FY22 as sales get compared to the ‘pantrydemic’ sugar hit of peak COVID lockdowns. On the fence here. They will pay a 33cps div for the half – the same as SUL despite the SP being ~30% lower.
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Thursday 28th March – ASX200 +80pts, All Time High, Retail Sales
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