Business
Coles Defends Pricing Practices in Federal Court, Denies Misleading Shoppers
Coles is locked in a court battle with the Australian Competition and Consumer Commission (ACCC) and denies misleading shoppers with its pricing practices.
ACCC previously accused Coles of breaching the law with its “Down Down” promotion.
Coles Denies Misleading Customers
According to a report by The Guardian, ACCC accused Coles of offering “illusory” discounts on many common household products.
However, Coles denies doing this and claims that the promotional prices it offered are genuine discounts.
“What they would be concerned with when they’re walking down the aisle trying to work out what to buy today for their shopping is whether the claimed discount … was fair dinkum,” John Sheahan KC. Sheahan represents Coles in its federal court battle.
“So long as the was price is a genuine price, not contrived or ephemeral, then the consumer’s interest is appropriately satisfied,” he added.
ACCC’s Argument
According to ABC News, ACCC used three prices Coles charged on a tin of dog food to show that the supermarket chain has been misleading shoppers.
Between April 2022 and February 2023, the supermarket offered a 1.2 kilogram loaf of Nature’s Gift Wet Dog Food for $4, said ACCC legal counsel Garry Rich.
The price then went up by 50 per cent to $6 after. This lasted for seven days. On the eighth day, it went down to $4.50, a promotion that Coles labelled as “Down Down.”
This third price is 13 per cent more than the initial $6 shoppers were previously paying for the same product.
“It did not disclose that a reasonable consumer would not have understood that Coles had increased the price to $6 for just seven days, immediately before the promotion, and that for 296 days before that, the price was $4,” ACCC’s legal counsel argued.
However, Sheahan dismissed the argument by saying, “In the end, all prices are temporary. Nothing lasts forever.”
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Stephen Simpson is a freelance financial writer and investor.Spent close to 15 years on the Street (sell-side, buy-side, equities, bonds).
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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The speaker emphasizes the gravity of the current crisis, noting that it has been ongoing for approximately three weeks. During this period, they chose not to communicate with the press, believing the severity of the issue was not fully understood by global decision-makers. The message indicates a sense of urgency and concern about the impact of the crisis on the economy and energy markets.
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The speaker reassures that they will continue to monitor market conditions closely, assessing whether additional interventions are needed. Decisions will be made in consultation with member countries, emphasizing a collaborative approach. The crisis, characterized by two oil crises and one gas crash, underscores the complex and multifaceted nature of the current energy challenges.
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