UPDATE 1-Australia's Woolworths posts surge in supermarket sales on stockpiling [Reuters]
WESFARMERS LTD UNSP/ADR (WFAFY)
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Source: Reuters
Australia's Woolworths posts surge in supermarket sales on stockpiling (Reuters) - Woolworths Group Ltd ( WOW.AX ) posted a jump in third-quarter supermarket sales on Thursday amid a surge in stockpiling due to the virus outbreak, but said growth rates were now moderating and warned of additional costs in the current quarter. The coronavirus pandemic and subsequent shutdown to arrest its spread stoked fears of shortages of essential items and triggered a buying frenzy, leading to a sharp spike in March retail sales in Australia. The country’s largest supermarket chain said sales at its supermarkets division, its biggest money earner, rose 11.3% to A$11.17 billion from A$10.03 billion a year earlier. Comparable sales at the business grew to 10.3%, compared with an Easter-adjusted figure of 4.2% growth last year. The figure lagged behind Coles Group Ltd ( COL.AX ), whose same-store sales growth surged to a record 13.1% for the same business. However, Woolworths said while sales growt
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