Australia's Woolworths Group reported a 5.3% jump in first-quarter group sales on Wednesday, supported by resilient demand for fruit, vegetables and meat-related products due to lower prices and increased availability in its food businesses.
While the cost-of-living pressures across Australia remained elevated, demand for groceries and essential items remained robust with supermarkets passing on the rising costs from suppliers to shoppers.
The country's top grocer logged total group sales of A$17.22 billion ($10.94 billion) for the three months ended Sept. 30, compared with A$16.36 billion a year ago, and a Jefferies estimate of A$17.21 billion.
The company grew across all its business segments, though inflation in its food businesses continued to moderate over the quarter as lower input costs in the fruit & vegetables and meat categories led to lower retail prices and increased demand, it said.
Woolworths' biggest earner, the Australian Food segment, posted a 6.4% growth in sales to A$13.08 billion during the reported quarter.
($1 = 1.5736 Australian dollars)
(Reporting by Roushni Nair and Echha Jain in Bengaluru; Editing by Shailesh Kuber)
