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Via the AFR:
Coles managing director John Durkan…says budget-conscious shoppers grappling with low wages growth and rising energy costs are putting less in their shopping baskets, contributing to lacklustre same-store sales growth.
“We’ve seen no less people coming in and in fact transaction growth is stronger but what we’ve seen is baskets shrinking,” Mr Durkan told reporters after speaking at the Retail Leaders forum in Sydney on Tuesday.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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