AUSTRALIA: Coles Myer forecasts 21% annual profit growth
Beleaguered Australian retail giant Coles Myer has forecast annual profit growth of around 21% at its annual meeting. CEO John Fletcher told the meeting that the group expects to post 2002/03 earnings in line with market expectations of between A$425m and A$435m (US$237m-243m). In October, Coles Myer reported a net profit of A$354m for 2001/02, up 6% from the previous year as its Myer Grace department stores struggled to make ends meet.
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