Business
Why the Coles (ASX:COL) share price is sinking 6% today
It has been a disappointing day of trade for the Coles Group Ltd (ASX: COL) share price on Wednesday.
At one stage today, the supermarket operator’s shares were down as much as 6% to $17.04.
The Coles share price has recovered slightly but remains 5% lower at $17.27 at the time of writing.
Why is the Coles share price deep in the red?
Investors have been selling Coles shares today following the release of its half year results.
For the six months ended 31 December, the supermarket giant delivered an 8% increase in revenue to $20,569 million and a 14.5% increase in net profit to $560 million. This was driven by solid growth across all segments.
Given that this result was largely ahead of the market’s expectations, investors may…
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