Woolworths (ASX: WOW) has beat expectations for its third quarter sales, with shares reaching a nine-week high as a result.
The results for the nation's biggest supermarket chain were posted today, with total group sales landing at $17.31 billion for the quarter, exceeding analysts estimates were A$16.64 billion and sitting 3.2% higher than the same time last year.
Woolworths' e-commerce quarterly sales increased 15.7% year-on-year to A$2.2 billion.
The supermarket giant also reported a drop in average supermarket prices, excluding tobacco, in the fifth quarter. This is as cost-of-living pressures continue to hit Australians.
Woolworths, which sells more than one-third of the nation's groceries, saw a subsequent rise in shares by as much as 2.1% to a nine-week high.
"While the market remains competitive and consumer outlook uncertain, we are making progress in these areas and will provide a more detailed update at our full-year results in August," Woolworths Group CEO Amanda Bardwell said in a statement.
