Australia's Coles Myer considering acquisitions

Australia's largest retailer, Coles Myer, said today it would consider expanding its business through acquisitions now it was in the final year of a five-year turnaround strategy.

"With our turnaround now almost complete we will be looking very seriously at every opportunity to grow the business, whether organically, or by acquisition," chairman Rick Allert told the annual meeting.

The company also confirmed it expected to make a decision on the future of its Myer department stores in the first quarter of calender 2006, and again affirmed previous earnings guidance.

Coles Myer said earlier this month it remained committed to its fiscal 2006 earnings target of A$800 million ($862.62 million), or A$769 million after capital management, despite challenging retail conditions.

The company's shares eased 0.1 per cent to A$10.02 today, taking its gains for the calendar year to about 2 per cent in a wider market that has added 14 per cent.

- REUTERS