Latest news with #LeahWeckert
Yahoo
02-05-2025
- Business
- Yahoo
Landlord with $200,000 savings makes common Woolworths admission: 'Even me'
A landlord has opened up about the intense cost of living despite having an investment property and $200,000 in the bank. The 32-year-old was stopped on the streets of Sydney and quizzed about her finances by investment company Coposit. The data analyst revealed she was able to buy the home just before the pandemic caused prices to skyrocket and said her tenants always paid the rent on time. Even though she was doing "quite well" for herself, she wasn't immune to everyday costs. "Oh, [the cost of living is] pretty expensive to be honest," she said. "Even for me, I struggle to shop at Woolies [and] have to do my budget weekly." Woolworths confirms double hit for shoppers in Everyday Rewards points change Superannuation change to give Aussie workers pay rise in weeks: '$29,000 boost' Commonwealth Bank issues RBA interest rate cut warning for mortgage holders The data analyst accumulated her incredible wealth by being a "big saver", and it helped having her tenants essentially pay off her mortgage. She also diversified her finances by investing in the stock market. The analyst advised people that if they wanted to be in a similar situation to her, they needed to save as much as possible while they're young and get into the property market as soon as they can afford it. Westpac found that customers aged 30 to 34 with an active savings account had a median balance of $1,104, while the average balance was much higher at $21,394. The average or mean number can be skewed by very large or small numbers, so it can be a bit misleading. The median is the middle value when the numbers are arranged from smallest to largest, and can be a better representation of the Sydney data analyst was worried her financial situation was going to be compromised by Donald Trump's tariffs. While the full extent of that foreign policy is yet to properly play out, Coles said it's keeping a watchful eye on it. "It's probably too early to really tell on that but we are monitoring it, particularly around impacts to things like cost of goods and particularly in the meat space," chief executive Leah Weckert said recently. "Processing and beef for example could be one area where we might start to see increases in cost of goods coming through but we are going to need to wait and see." Prices at the second biggest supermarket chain in Australia have started to fall, in what will be a big win for shoppers. When you exclude tobacco sales, inflation at the supermarket remained stable at 1.1 per cent for the quarter, which was significantly below what the overall sector recorded, at 3.1 per cent. Weckert said, as a result, prices have fallen in areas like broccoli, cauliflower, cabbage and tomatoes, cereal, tea, dental, healthcare, dishwashing, and cleaning goods. Meanwhile at Woolworths, average prices fell 0.5 per cent compared to last year, which is the fifth consecutive quarterly decline. The supermarket believed this fall is partly due to customers looking for cheaper or discounted items. The Sydney woman said that while prices have jumped dramatically in recent years, wages haven't kept pace. According to the Australian Bureau of Statistics (ABS), wages growth (WPI) took a tumble due to the pandemic, dropping from 2.2 per cent in March 2020 to just 1.3 per cent three quarters later. There was a huge spurt that peaked in the December 2023 quarter with wages growth reaching 4.4 per cent. However, it has tumbled again to just 3.2 per cent in the most recent December quarter. While 4.4 per cent sounds great, it was only just a touch in front of where inflation was at the same time at 4.1 per cent. However, the consumer price index peaked at 7.1 per cent in the December 2022 quarter, meaning price growth raced ahead of how much people were being paid and WPI has been playing catchup ever since. Yahoo Finance contributor Stephen Koukoulas said Australia is in desperate need of more interest rate cuts from the Reserve Bank (RBA) to put more money in consumers' pockets and give them more financial breathing room. "Inflation has fallen due to the extended period of subdued economic growth, moderate and sustainable wage increases, an easing in inflation around the world, the ending of supply chain pressures and the effects of persistently high interest rates set by the RBA," the economist wrote. "The inflation data, along with the myriad of other economic news, show that the current 4.10 per cent cash rate set by the RBA is inappropriate. "Grossly inappropriate, in fact, if we are to hope for decent economic conditions, including sustained low unemployment and inflation overshooting to 2 per cent or less and strong private sector business investment."
Time of India
01-05-2025
- Business
- Time of India
Coles sees strong demand in home brand, keeps 'eye on' tariff ripple effects
Australian supermarket chain Coles' chief said on Wednesday that shoppers remain sharply focused on value, driving strong quarterly growth in its premium home-brand line, while it keeps a close eye on potential impacts from global tariffs. CEO Leah Weckert flagged that while the company is not directly affected by tariffs levied by U.S. President Donald Trump, it has been "keeping an eye on" indirect effects of the global trade war, such as on beef production. The company's latest survey had shown a "modest uptick in terms of how people are feeling ... although I would say that some of the events from the U.S. and around the tariffs are probably offsetting that - the uncertainty that is bringing," she told reporters on a conference call. Coles reported third quarter group sales of A$10.38 billion ($6.64 billion), 3.4 per cent higher than last year, reflecting strong growth at its supermarket business on higher volumes. Weckert said customers were looking for more affordable options, resulting in a 13.7 per cent rise in sales at Coles Finest, the company's premium home brand . Coles said product availability improved during the quarter as new automated distribution centres came online, while warehouse enhancements contributed to a smoother experience for online shoppers. Analysts at Jefferies said the quarterly result was a solid outcome given sales accelerated from a relatively strong base in the same quarter a year earlier. Investors, however failed to cheer the results, with the Coles stock trading 1.3 per cent lower in Sydney. The grocer flagged that supermarket sales growth in the fourth quarter remained broadly in line with the previous three months. "The Q4 outlook appears to be running in line with Q3 at this stage, which again is decent but fell short of wowing investors and that's why Coles' stock price had a hard time garnering much enthusiasm today," said Tim Waterer, market analyst at KCM Trade.
AU Financial Review
30-04-2025
- Business
- AU Financial Review
Cows, containers, and China's factories: How tariff wars hit Australia
Coles chief executive Leah Weckert audibly shudders when Chanticleer mentions pallet-gate, that dark moment during the COVID-19 pandemic when Australia's grocery supply chain was upended by problems moving the simple timber pallets to the nation's logistics sector. Happily, she says, her logistics team is not hearing suggestions that this craziness could be repeated as Donald Trump's trade war heats up.
Yahoo
30-04-2025
- Business
- Yahoo
Surprising items Aussies giving up
Coles says Australians are changing their spending habits and cutting back where they can as value-conscious shoppers continue to curb discretionary spending. Coles chief executive Leah Weckert said the supermarket giant's sales data for the three months until the end of March showed customers had cut back on treats, including lollies, alcohol, reduced their meat intake and ditching bottled water. She also said customers were also looking for heavily discounted stock to buy when on their weekly shop. 'Our most popular and well-performing specials would be the ones that are 40 to 50 per cent off,' Ms Weckert said. 'We have announced big promotions that are really relevant to customers instead of lots of small ones.' Ms Weckert said prices of health and home category products dropped during the period, while coffee and cocoa prices rose as shoppers prepared for Easter. Overall, prices rose 1.5 per cent across the supermarket. Excluding tobacco, supermarket inflation was 1.1 per cent. 'Continued increases in livestock costs impact inflation in meat, particularly across the lamb, pork and poultry categories,' Ms Weckert said. 'Inflation, excluding tobacco and fresh, moved into deflation at -0.3 per cent, with deflation in the health and home category offsetting continued inflation across categories impacted by higher coffee and cocoa prices, such as confectionery, boxed chocolates and coffee.' Coles announced group sales revenues lifted to $10.4bn in the third quarter, up $400m for this time last year on the back of its supermarket segment. Supermarket sales revenue came in at $9.4bn for the third quarter, up 3.7 per cent. If tobacco was taken out, sales revenue increased by 4.7 per cent. Sales revenue for the business's liquor division was $813m for the third quarter, down 2 per cent on last year. However, comparable sales were impacted by the timing of Easter Sunday, which fell in the prior corresponding period. 'While the liquor market continues to be impacted by subdued discretionary spending, sales revenue was underpinned by strong execution across events, such as Australia Day, and a reset of our value offer across all stores to deliver a more compelling offer for customers,' Ms Weckert told investors. Coles said in the early part of the fourth quarter, supermarket sales remained broadly in line with the third quarter, although it expects an increase in liquor sales over the Easter period.
Perth Now
30-04-2025
- Business
- Perth Now
Surprising items Aussies giving up
Coles says Australians are changing their spending habits and cutting back where they can as value-conscious shoppers continue to curb discretionary spending. Coles chief executive Leah Weckert said the supermarket giant's sales data for the three months until the end of March showed customers had cut back on treats, including lollies, alcohol, reduced their meat intake and ditching bottled water. She also said customers were also looking for heavily discounted stock to buy when on their weekly shop. Coles says shoppers are still looking for heavily discounted stock. NewsWire / James Gourley Credit: Supplied 'Our most popular and well-performing specials would be the ones that are 40 to 50 per cent off,' Ms Weckert said. 'We have announced big promotions that are really relevant to customers instead of lots of small ones.' Ms Weckert said prices of health and home category products dropped during the period, while coffee and cocoa prices rose as shoppers prepared for Easter. Overall, prices rose 1.5 per cent across the supermarket. Excluding tobacco, supermarket inflation was 1.1 per cent. 'Continued increases in livestock costs impact inflation in meat, particularly across the lamb, pork and poultry categories,' Ms Weckert said. 'Inflation, excluding tobacco and fresh, moved into deflation at -0.3 per cent, with deflation in the health and home category offsetting continued inflation across categories impacted by higher coffee and cocoa prices, such as confectionery, boxed chocolates and coffee.' Coles announced group sales revenues lifted to $10.4bn in the third quarter, up $400m for this time last year on the back of its supermarket segment. Coles announced sales rose by $400m over the third quarter. NewsWire Credit: News Corp Australia Supermarket sales revenue came in at $9.4bn for the third quarter, up 3.7 per cent. If tobacco was taken out, sales revenue increased by 4.7 per cent. Sales revenue for the business's liquor division was $813m for the third quarter, down 2 per cent on last year. However, comparable sales were impacted by the timing of Easter Sunday, which fell in the prior corresponding period. 'While the liquor market continues to be impacted by subdued discretionary spending, sales revenue was underpinned by strong execution across events, such as Australia Day, and a reset of our value offer across all stores to deliver a more compelling offer for customers,' Ms Weckert told investors. Coles said in the early part of the fourth quarter, supermarket sales remained broadly in line with the third quarter, although it expects an increase in liquor sales over the Easter period.
