Chief executive John Fletcher said the five-year programme of initiatives was not about squeezing suppliers or cutting jobs, but “doing our business better”.
Earlier in the week, Coles Myer posted a 39% jump in full-year pre-tax profit as cost saving initiatives kicked in.
For the year ended July 27, pre-tax profit climbed to $681.2m on sales that grew 6.1% to A$27bn.
Total sales at the group’s food and liquor operations were ahead 5.3%, while like-for-like sales were up 1.5%.
Chief operating officer, Alan Williams, said that its convenience format in Victoria, Coles Express, in alliance with petrol group Shell were “proving a real competitive advantage”. He noted that customers were buying fuel “when and where they wanted, not only after shopping”.