COL +5.48%: a good 1H from Coles, they looked to have edged Woolworths in the half on the back of a strong Supermarkets performance. EBIT at $1,064m was ~5% beat mostly on the back of a better-than-expected margin out of Supermarkets. The 5-finger discount, theft, has had a significant impact on Coles, however, the pain seems to have moderated. The second half has started well with Supermarket Sales up 4.9% in 3Q and some costs have continued to moderate. Coles did increase finance costs expectations and see liquor lower, however all in all Coles came out of the reporting period looking a lot better than Woolies.
MM remains neutral COL
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