After nearly five years as part of Wesfarmers, Coles has begun to justify its AUD18 billion (USD18.81b) price tag, driving an 11 percent profit gain for the group in a challenging trading environment.
And Wesfarmers managing director Richard Goyder said yesterday that the once-troubled Coles still had room for improvement.
"I think Coles has a long way to go,” Goyder said as he unveiled the retail, coal, insurance and chemical company’s 2011-12 result that showed an increase in net profit to AUD2.126b. Revenue rose 6 per cent to AUD58b.
(Source: The Sydney Morning Herald Online)