Coles Myer

PUBLISHED : Friday, 11 March, 1994, 12:00am
UPDATED : Friday, 11 March, 1994, 12:00am

AUSTRALIA'S biggest retailer, Coles Myer, said its first-half net profit rose 3.6 per cent over last year, reflecting a 2.9 per cent rise in sales.

The company said its profit rose to A$245.1 million (about HK$1.35 billion) in the six months ended January 23.

The company declared a fully franked interim dividend of 11 cents, unchanged from a year earlier.

Fully franked means that the full corporate tax rate has been paid.

Coles Myer earlier said half-year sales were dampened by sluggish growth in its department stores.

The company's sales growth compares with a gain of 12.2 per cent in half-year sales at the nation's second biggest retail group, Woolworths Ltd.

Woolworths is not part of the United States company of the same name.