Countering persistent market rumours, national retailer Coles Myer, says it has no major acquisitions on the radar screen and was not interested in Foodland Associated or Penfolds.
Coles Myer chief executive John Fletcher says while Coles Myer did not usually comment or speculate on acquisitions, investors should "not hold their breath" over rival food retailer, Foodland. Nor was it giving much attention to Penfolds wine business, he told Channel Nine’s Business Sunday. Fletcher says, "It’s an acquisition in an area that we do operate but I think we’ve been pretty happy with the growth strategy we’ve had in setting up our own stores, so again, it’s not one I think people should be anticipating us to be involved in."
Coles Myer has just reported a 60 per cent increase in first half profit of $350m, giving the company three concurrent quarters of earnings growth of more than 25 per cent. Growth was expected to continue as Coles Myer pitted itself against world’s best food retailers, Fletcher says.
Projecting an upbeat message he added, "There are opportunities in this company for us to believe that growth will continue for a few years yet".