Coles spends $28m on store network
(New Zealand Press Association—Copyright)
SYDNEY
G. J. Coles and Company, Ltd, spent sAust2Bm on expanding its network of stores in the year to June 30, a rise of 12.4 per cent on last year’s total.
In 1973-74 the group spent $24.9m which was well up on the $18.9m outlaid in the previous corresponding period. During the latest period, Coles opened three variety stores and 22 supermarkets. K-Mart (Australia), Ltd, which is 49 per cent owed by the group, opened six stores.
K-Mart earned a trading profit of sl.Bm in the year to December 31, after tax of sl.3m. Goodwill amounting to slm was written off during the period. In 1974-75, 21 variety stores were closed because of the opening of a supermarket in the area, or the inability of the smaller stores to generate sufficient sales to absorb substantial cost increases, particularly in wages. Coles expects to convert
all its variety stores, except main city outlets, to self-ser-vice or area-wrap before the end of the current year.
The Darwin store, which was partially demolished by Cyclone Tracy in December, is expected to reopen on October 14. The funds statement in the annual account shows that Coles received s3.lm from the sale of fixed assets in 1974-75:
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19751002.2.163.6
Bibliographic details
Press, Volume CXV, Issue 33963, 2 October 1975, Page 18
Word Count
212Coles spends $28m on store network Press, Volume CXV, Issue 33963, 2 October 1975, Page 18
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