Wesfarmers, Australia’s largest employer and owner of Coles supermarkets, has announced that the market share of Coles has begun to stabilise as initiatives to transform the business continue in earnest. The company reported a net profit of $1,050 million for the 2007/08 financial year, an increase of 33.6% on last year due, in part, to the integration of Coles Group. “The acquisition of the major businesses of Coles, Target, Kmart and Officeworks has materially expanded Wesfarmers’... ...Read more »

Wesfarmers, the owner of Coles supermarkets since the $20b purchase of Coles Group last year, has disputed claims that the turnaround of the supermarket giant is taking too long. Wesfarmers CEO, Richard Goyder, suggested that the turnaround will take about five years due to the extent of change required, and insisted they remained well on the way to achieving their goals. “In June 30 this year, we wound up our Coles integration team, which in just over seven months has completed a task, which... ...Read more »