Strong growth for Coles Myer
Grocery sales up for Australian retailer
March 11 2004
Coles Myer, Australia’s biggest retail group, has reported its strongest interim growth for six years.
In the six months to January 25, profit grew by 28.3 per cent to A$349.5m. Coles Myer, which has launched a revamp across the business, saw food and Liquor profits rise by 14.3 per cent and said there was ‘excellent progress’ in its non-food brands.
The company’s food brands include the Coles, Bi-Lo, and Coles Express chainsm while it also operates the Myer and Grace Bros departmemnt store chain, electrical chain Megamart, as well as the Target discount chain and Kmart clothing stores in Australia.
Across the half, group sales rose by 13.3 per cent to $15.7bn. Chief executive officer John Fletcher said: ‘This is a great result – the highest interim profit and the strongest balance sheet in Coles Myer’s history. It is another major step in Coles Myer’s strategy to be Australia’s number one retailer in all of our brands.
“The business is delivering on its goals of growing shareholder value through delighting our customers and being the best team.
Fletcher said that alongside the success of the food and liquor business the non-food brands have continued their progress, and have increased their margins in highly competitive markets.
He addd that a new loyalty offer, comprising a Coles Express fuel discount, a new Coles Myer Source MasterCard and FlyBuys, a loyalty points scheme has also been well received.
