Coles Myer predicts strong earnings growth
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Retailer Coles Myer has forecast 18 per cent earnings growth for this financial year, saying consumer spending remains solid.
Coles Myer produced a record profit of $616 million last year, with strong growth in all businesses except Megamart.
Chief executive John Fletcher told the company's annual general meeting in Melbourne that profits would continue to climb.
"We expect that subject to a satisfactory Christmas, the underlying full-year earnings for this company will be in the range of $670 to $680 million.
"That's another increase of about 18 per cent.
"If we do that, this keeps us on track for our [financial year 2005-06] target of $800 million."
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