Australias Woolworths sales jump about 10% on stockpiling, rising costs

div classBodysc17zpet90 cdBBJodivpReuters – Australian grocer Woolworths Group on Tuesday reported a near 10 jump in thirdquarter sales, benefiting from consumer stockpiling in the early part of the quarter as well as rising inflation and input costs.p

pWhile the countrys largest supermarket chain faced COVID19 related labour shortages and supply chain disruptions owing to floods during the quarter, increased consumer spending and surging costs boosted sales.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pInflation in Australia surged at the fastest annual pace in two decades last quarter as petrol, home building and food costs climbed, in tandem with rising costs across the world, which is resulting in higher input costs for businesses.p

pWoolworths sales on continuing operations basis came in at A15.12 billion 10.66 billion for the three months ending April 3, up from A13.79 billion logged a year ago.p

pThe grocers biggest segment, Australian Food, saw a 5.4 rise in sales to A11.43 billion in the quarter. Comparable sales for the division were also up 4.4.p

pSmaller rival Coles last week https:www.colesgroup.com.auDownloadFile.axd？fileReportComNews2022042802514421.pdf said it hopes improved stock availability will curtail racing inflation as it reported a slight uptick in its thirdquarter sales, but warned soaring supply costs would trouble the economy for another year.p

p1 1.4186 Australian dollarsp

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pp Reporting by Sameer Manekar and Harshita Swaminathan in Bengaluru Editing by Shailesh Kuberp

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