Business Services Industry
AUSTRALIA'S COLES MYER MULLING SHARE BUYBACK AFTER PROFIT JUMP.
AsiaPulse News, March, 2002
MELBOURNE, March 14 Asia Pulse - Chief executive John Fletcher of Coles Myer Ltd (ASX:CML) said today the retailer will consider a share buyback after an 8.2 per cent increase in net profit of $A212.5 million ($US109.33 million).
"We might have so much money left over that we might give it back to shareholders through buybacks," Mr Fletcher said.
After six months in the job, Mr Fletcher said the turnaround of the giant retailer is on track.
But he confirmed that it is still a two to three year job.
"And there is no quick fix," he said.
One of the highlights of the improvement in Coles Myer so far had been the reduction of inventory levels.
"There was a mountain of inventory this company had accumulated and we have made...
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