COL has been plumbing fresh 9-week lows following soft commentary this week after its FY22 report – net income came in at $1.05bn up 4% which was a slight beat to expectations, under the hood core supermarkets performed okay whereas Liquor and Express saw EBIT falls of 1.2% and 37.3% respectively.
No specific guidance was provided but the company talked about continued inflationary pressure, particularly in wages, supply chain, weather impacts and energy i.e. the same song sheet as with WOW.
- We see no reason to be wading into COL around $17.50 with a pullback towards $16 feeling a strong possibility.
MM is neutral to bearish COL
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