Original article by Eli Greenblat
The Australian – Page: 17 & 20 : 19-Jun-19
Coles Group has outlined plans to reduce costs by $1bn over the next four years in a bid to arrest the 20 per cent downturn in earnings over the last two years. The proceeds from the cost-cutting program will be redirected to initiatives such as refurbishing stores and enhancing Coles’ online operations. Coles plans to open about 10 new stores in 2020, compared with 21 in 2019. It also intends to refurbish 75 stores in 2020, up from 50 in fiscal 2019. Coles shares closed 3.44 per cent higher at $13.21 on 18 June.
COLES GROUP LIMITED – ASX COL, COLES SUPERMARKETS AUSTRALIA PTY LTD, WOOLWORTHS GROUP LIMITED – ASX WOW, ALDI STORES SUPERMARKETS PTY LTD, COSTCO WHOLESALE AUSTRALIA PTY LTD, KMART AUSTRALIA LIMITED, TARGET AUSTRALIA PTY LTD, WESFARMERS LIMITED – ASX WES, VERTIUM ASSET MANAGEMENT PTY LTD