Queensland floods force Coles to close stores, raise prices
Rising waters in Queensland's capital city, Brisbane, have caused Australian conglomerate Wesfarmers (ASX: WES) to close some of its Coles supermarkets.
Wesfarmers said 13 of the 742 outlets of the country's second-largest supermarket chain had been temporarily shut so far, while it continues to monitor the total number of stores affected by the severe Queensland floods.
The company also said it now cannot get to some 33 stores it was grappling with access for restocking late last week.
"At this stage, there's virtually no road access to restock stores up north," a Wesfarmers spokesman said.
The worst flooding in the Australian state of Queensland in 50 years could also lift Coles' fruit and vegetable prices.
Yesterday, Coles said supply shortages would push up the prices of many salad vegetables including tomatoes, capsicum, lettuce, as well as beans, corns and broccoli.
Spokesman Jim Cooper told Reuters "the new rains in southeast Queensland has meant we are going to see far heavier impacts now in terms of availability and price rises on a lot of lines."
He said the wholesale price of broccoli has jumped to A$10 a kilo from A$6.
With Reuters