Coles Myer H1 earnings up 28%

SYDNEY: Coles Myer Ltd, Australia’s biggest retailer, signalled yesterday that its turnaround plan was on track after it reported a 28% jump in first-half earnings before charges on cost savings. 

The food, liquor, clothing and goods retailer said it would exceed cost-savings targets this year and next and increase sales margins – which gauge how much money it keeps from what it sells – at its supermarkets, discount stores and department stores.