Australian retailer Coles Myer is set to unveil a plan to cut costs and improve its bottom line over the next few years. The company is expected to announce a strategy aimed a saving at least A$1bn (US$0.68bn) in supply and distribution costs, reported Reuters. Coles Myer has targeted net profit of $800m by the end of July 2006, a rise of around 76% compared to its fiscal 2003 net profit of $455m, which it reported last week.