Australian retailer Coles Myer has posted a 29% rise in full-year underlying profit, helped by a rise in earnings at its discount stores.
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The company reported underlying net profit of A$455.6m (US$304.1m) for the year to 27 July, compared to $354m a year earlier. The result beat the retailer’s own guidance of $445m, and analysts’ forecasts of around $446m.
Coles Myer is Australia’s largest retailer, but is second to Woolworths in the supermarket sector.
The company’s Myer Grace department stores turned a profit, having been in the red for two years, while its Kmart and Target discount chains achieved earnings growth of more than 65%.
Coler Myer’s food and liquor division, which accounts for 70% of group earnings, posted a better-than-expected 8.1% rise in earnings, despite fierce competition from Woolworths.
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By GlobalDataThe company said group sales in its current fiscal year had risen 10.8% so far, including its new discount fuel business, which chief executive John Fletcher described as the most important deal the retailer had done in ten years, reported Reuters.
