AUSTRALIA: Coles Myer Q4s robust; profit forecast upped
Australian supermarket and department store operator Coles Myer yesterday [Thursday] released a robust set of fourth-quarter sales results.
Turnover for the 13 weeks to 25 July increased 28.1% to A$8.6bn (US$), driving annual sales up 19.4% to $32.3bn.
As a result of the strong fourth quarter, Coles hiked its net profit forecast to $565m from its earlier forecast of $530-540m. Chief executive John Fletcher said the fourth quarter was a great end to a "stellar year" and commented that it could be the best three-month period in the company's history.
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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