Coles (ASX:COL) share price in focus after Q3 sales update

The Coles Group Ltd (ASX: COL) share price will be one to watch closely this morning.

This follows the release of the supermarket operator’s third quarter update.

How is Coles performing?

As expected, due to the company cycling the panic buying one year ago at the height of the pandemic, Coles has reported a decline in quarterly sales.

According to the release, Coles recorded total sales of $8,758 million for the third quarter. This was down 5.1% from the prior corresponding period but up 7.2% from the same period in FY 2019.

Given that Goldman Sachs was forecasting total sales of $9,039.6 million for the period, this may not bode well for the…