The Australian Shareholders' Association said heads should roll at Coles Myer after the food and general merchandise retailer announced net profits for the year to July had halved. The association said: "The company needs a board which can establish a clear strategy." Coles chief executive John Fletcher conceded the performance was "an unsatisfactory one for shareholders" but stressed the board was pursuing a strategy that would turn its fortunes around. "Another strong performance for the Food and Liquor Group, which represents the bulk of group earnings, was offset by a significant downturn in general merchandise and apparel." Net profits slumped 49.9% to A$150.8m (£52m) on sales down 1.5% to A$23.8bn(£8.2bn) for the year to July 29. {{NEWS }}