AUSTRALIA: Coles Myer aims for department store turnaround
Australian retail giant Coles Myer is determined that it will turn around its loss-making department stores after the company failed to improve on its reduced profit forecast. The company has reported an annual net profit of A$353.8m (US$193.2m), which meets its previously stated forecast of $350m. The posted net profit is up 6% from the year earlier value.
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