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Why Coles and these ASX shares just hit record highs

James Mickleboro
Coles share price

The All Ordinaries index traded roughly flat last week after recovering from a selloff on Monday.

A number of shares performed notably better than the index over the period. In fact, some even managed to climb so much they hit record highs.

Here’s high these ASX shares are flying high right now:

Coles Group Ltd (ASX: COL)

The Coles share price was on form last week and reached an all-time high of $17.06 on Friday. Investors were buying the supermarket giant’s shares after the release of an update on its first half performance. Management revealed that Coles’ Christmas campaign exceeded expectations, leading to its Supermarkets business delivering comparable sales growth of 3.6% in the second quarter. This ultimately lifted its first half comparable sales growth to 2%, which was ahead of expectations.

Kathmandu Holdings Ltd (ASX: KMD)

The Kathmandu share price zoomed 19% higher on Friday and reached a record high of $3.59. The outdoor and adventure retailer’s shares rocketed higher after it provided an update on its expectations for the first half of FY 2020. For the six months ended January 31, the retailer expects its underlying earnings before interest and tax (EBIT) to be up ~40% on the prior corresponding period. This result includes the benefits of the Rip Curl acquisition, which has performed very positively since its completion on October 31.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price was on form last week and climbed to a record high of $8.45 on Friday. The catalyst for this was the release of the furniture retailer’s half year results last week. During the first half of FY 2020 Nick Scali reported a net profit of $21.6 million. Whilst this was a 15% decline on the prior corresponding period, it was better than its guidance. Nick Scali had previously guided to a first half profit in the range of $17 million to $19 million.

The post Why Coles and these ASX shares just hit record highs appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020