AUSTRALIA: Coles Myer posts 47% drop in H1 profits
Australia's largest retailer Coles Myer has posted a dramatic 47% slump in profits to A$68.1m (US$35.3m) for the first half of 2001, prompting anticipation of a significant fall in its share price.
Trading conditions at the group's subsidiaries have weakened considerably, Myer Grace is set to post a loss for its full fiscal year, to July 2001, and Coles' Target chain is expected to post a second profit warning shortly.
An accounting firm has been hired to review operations at Myer Grace, Target, and K Mart. Some analysts have suggested that the goods and services tax may be a factor in the profit decline.
In the second part of this week's focus on the Australian food retail market, David Robertson looks at Woolworths' main rival, Coles Myer, which accounts for around 16% of all retail spending in Austr...
With 76% of Australia's food retail market, just two companies, Woolworths and Coles, dominate the region. In a two-part review, David Robertson looks at both supermarket chains. The first article wil...
Australian retail group Coles Myer Ltd has posted a 10.5% rise in half-year net profit after tax (NPAT) to A$484.5m, on sales 4.3% higher at $19.0bn....
Supermarket chain Coles Myer has announced a first half 2006 sales increase of 4.2% at AUD$19bn (US$14bn) but blamed poor supermarket, liquor and non-food general sales for lower than expected figures...
Australian retailer Coles Myer has reported annual sales up 13.3% to A$36.6bn (US$28.1bn) and said it is considering selling its Myer department stories....
Australia's federal agriculture minister has stated that he will call an emergency meeting of the country's food regulation council to push for greater cooperation and tougher labelling laws to tackle...
Supermarket chain Coles Myer has agreed to support a food industry proposal to promote the benefits to consumers of buying Australian-grown produce, according to the Age newspaper....
The buying practices of supermarket chains Coles and Woolworths should change overnight, according to federal agriculture minister Peter McGauran says, reported the Australian Broadcasting Corporation...
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