Coles Group 'Executing Better' with Right Product and Price Mix, Says Jarden Research

MT Newswires Live11-04 08:49

Coles Group (ASX:COL) appears to be delivering for its stakeholders with better execution and the right product-price mix, Jarden said in an Oct. 31 note.

The Australian retailer posted sales growth of 3.5% in the first fiscal quarter. This was a touch below Jarden's estimates but in line with Woolworths Group's (ASX:WOW), suggesting that Coles is "at least holding market share," Jarden wrote.

"We believe it is executing better and its focus on right product, right price, right time is serving it well and resonating with consumers," it added.

In Jarden's assessment, Coles is nearing the end of its capital expenditure step-up, noting that a material lift in new stores or store refurbishments appears unlikely when it announces its strategy on Nov. 14 amid the strength of its online business.

Jarden maintained its neutral recommendation on Coles and revised its target price to AU$16.90 from AU$17.10.

Price (AUD): $17.66, Change: $+0.05, Percent Change: +0.26%

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