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Coles Myer smiling over sales record

By Phil Boeyen, ShareChat Business News Editor

Friday 11th August 2000

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Australian listed retailer Coles Myer has reported record sales of A$24.17 billion in the 53 weeks to 30 July 2000, up $1.73 billion on the previous year.

This figure represents a 7.7% increase over last year's result, which was for 52 weeks.

Coles Myer CEO Dennis Eck says both food and liquor continued to increase market share, and general merchandise also performed strongly.

"We are happy with this result - particularly given the GST introduction. Data suggests we have outperformed the market in the categories we are represented".

Unlike homewares and computer retailer Harvey Norman, which said it had done well out of pre-GST sales, Coles-Myer says it did not have a similar pre-GST sales spike.

However the company says its expects to remain within its projected profit range for the full year 2000 accounts, which are due to be released in October.

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