Coles continue to expand
(N.Z. Press Assn. —Copyright) SYDNEY, Oct. 30.
G. J. Coles and Company, Ltd, the chain store operator and retailer, will continue its expansion programme with the opening of five supermarkets within the next four months.
The chairman (Mr N. C. Coles) told shareholders at the annual meeting in Melbourne that another 11 would open before the end of December. “In all markets which have opened in the last three months, acceptance has been very good and they are trading at a most satisfactory level,” Mr Coles said. K Mart (Australia), Ltd, the discount department store venture established in 1969 and owned 49 per cent by Coles (with the balance held by S. S. • Kresge, of the United States), made a net profit of $428,000 in the year to December 31, 1971. This compared with first time earnings of $98,767 in the previous six month period, and a $1.76m loss in the 1969-70 year. Mr Coles said 10 K Marts were operating and another would open at Merrylands West, Sydney, next month.
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Bibliographic details
Press, Volume CXII, Issue 33062, 1 November 1972, Page 2
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175Coles continue to expand Press, Volume CXII, Issue 33062, 1 November 1972, Page 2
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