Coles Closes Gap with Woolworths in Market Capitalisation
Coles' resurgence against its primary competitor, Woolworths, began nearly five years ago during the pandemic as the supermarket chain initiated a transformation.
Despite initial investor uncertainty, the strategy developed by Steven Cain, who led Coles through its $20 billion demerger from Wesfarmers in 2018, appears to be succeeding.
Coles Group Limited is an Australian supermarket, retail and consumer services chain, operating over 800 supermarkets and over 750 liquor stores across Australia.
For the first time since relisting on the ASX, Coles’ market capitalisation is approaching that of Woolworths, with the company’s sales growth in the first quarter significantly outpacing that of its larger rival.
Author's summary: Coles nears Woolworths in market value.
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