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.
The cost-savings plan is aimed at reducing the gap between Coles and Australia’s biggest supermarket retailer Woolworths, which is in the second stage of its plan to deliver cost savings of $6.9bn in the nine years to fiscal 2008. Woolworths’ plan has already delivered cost savings of $1.7bn in the four year to fiscal 2003.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData