Why the Coles (ASX:COL) share price is still down 15% in 2021

The Coles Group Ltd (ASX: COL) share price is having a pretty decent day today. Coles shares are currently trading for $15.69 after rising 1.29% in intra-day trading so far. That’s a bit better than what the broader S&P/ASX 200 Index (ASX: XJO) is doing today, being up 1.03%.

But zooming out, the picture is a little more divergent. Since the dawn of the year, the ASX 200 is up a reasonably healthy 2.5%

But over the same period, the Coles share price is down a nasty 15.03%, taking into account today’s rise. Yep, Coles shares started the year at $18.50.

Zooming even further out, and the picture is even worse for Cole shareholders. The supermarket giant was swapping hands for more than $19.20 a share in mid-August last year. That…