Woolworths and Coles Private-label price check: May-26 – Woolworths consolidates value position

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Woolworths and Coles Private-label price check: May-26 – Woolworths consolidates value position

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Woolworths and Coles

Private-label price check: May-26 – Woolworths

consolidates value position

Coles' price premium to Aldi was unchanged at +10.4% in May, remaining at its Australia

widest level to Aldi since Aug-23 and continuing to sit materially above its

Australian Consumer Sector

historical average of +8.8%. Woolworths' price premium to Aldi narrowed by

30bps to +8.8% in May (vs. +9.1% in Apr), returning closer to its historical average Bryan Raymond AC

of +8.4%. The divergence between the two majors is notable, with Coles' sustained (61-2) 9003-6750

bryan.raymond@jpmorgan.com

price gap reflecting an absence of broad-based weekly promotions to offset a

Christina Kim

number of price rises. Woolworths' promotional cadence is offsetting price (61-2) 9003-7082

increases, in contrast to Coles which is in an unfavourable value position vs. Aldi. christina.kim@jpmorgan.com

Woolworths’ Price Freeze program was announced on 1 May, a three-month J.P. Morgan Securities Australia Limited

program locking in prices for ~300 private label items. The focus is shifting from

sales growth to margins as cost inflation flows through to shelf prices. The ACCC’s

successful price establishment court case against Coles on ‘Down Down’ discount COL.AX, COL AU

campaign is likely to lead to more conservative approach post-price rises, as the Overweight

ACCC expects a 12-week price establishment period on packaged grocery Price (14 May 26): A$20.66

products. We continue to expect the grocery industry to remain rational in an Price Target (May-27): A$24.00

inflationary environment, with value a focus for shoppers as inflation likely peaks