Coles’s profit fall shows shoppers are starting to rebel against supermarket prices
by Jonathan Barrett from World news | The Guardian on (#6JXQR)
Consumers are using their spending power to switch retailers and the major chains are scrambling to shore up customer loyalty
Shoppers are showing early signs of rebellion, leaving supermarket giant Coles unable to increase shelf prices to expand profits as households question the fairness of hikes at the country's major chains.
On Tuesday, Australia's second-biggest food retailer reported a modest 3.6% fall in half-year net profit to $594m and slight compression in profit margins amid increasing costs that it could no longer offset through product price hikes.
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