The Coles (ASX:COL) share price jumped 22% in 2020 (and could still go higher)

The Coles Group Ltd (ASX: COL) share price was a market beater in 2020.

The supermarket giant’s shares recorded a gain of 22.2% over the 12 months.

This compares to a 1.4% decline by the S&P/ASX 200 Index (ASX: XJO).

Why did the Coles share price smash the market in 2020?

Investors were fighting to get hold of the supermarket operator’s shares last year due to its strong performance during the pandemic.

Thanks to its strong market position, defensive qualities, and essential service status, Coles delivered a robust full year result in FY 2020.

For the 12 months ended 30 June, Coles reported sales revenue growth of 6.9% to $37.4 billion. This was driven by growth across all segments and particularly strong comparable store…