The Coles Group Ltd (ASX: COL) share price hit a spin-off high of $13.69 today after the supermarkets operator told investors that "comparable supermarket sales growth for fourth quarter expected to be in the upper half of the range between second and third quarter comparable growth, adjusted for New Year's Eve".
Another factor likely leading investors to bid the shares to a record high today is the fact the group flagged it's aiming to find a $1 billion in cost savings by FY23. Any cost savings should flow through to the bottom line, and larger profits are what dividend-loving investors in this kind of business want more than anything else.
For FY19, net capital expenditure is expected to come in between $700 million to $800 million as part of a new three pillar strategy the group outlined today that it claims "directly aligns with the creation of long-term shareholder value".
Shares in supermarkets rival Woolworths Group Ltd (ASX: WOW) have also caught an up draught today on the back of the Coles news to be 1.1% higher at $32.65.
Outside of the supermarkets, here's one little-known ASX stock tipped for big things.
