The Coles Group Limited (ASX: COL) share price rose 3.1% today, making it one of the top performing shares in the ASX 20.
This was in stark contrast to the Wesfarmers Ltd (ASX: WES) share price which fell 2.2% today after giving investors an update to say that Kmart sales increased by 1% with comparable sales declining 0.6% and Target sales grew 0.2% with comparable sales growing 0.5%.
Wesfarmers still holds a substantial stake of Coles, so at least it benefits from Coles growing in value.
Coles may also be benefiting from the oversupply of certain food categories which caused the Costa Group Holdings Ltd (ASX: CGC) share price to plunge last week.
Indeed, the Australian Financial Review ran a story today detailing how blueberry farmers are suffering from the low prices being paid for blueberries, which should be helping supermarkets like Coles and Woolworths Group Ltd (ASX: WOW) pay lower prices to purchase the produce from farmers.
Motley Fool contributor Tristan Harrison owns shares of COSTA GRP FPO. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO and Wesfarmers Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.