Wesfarmers vows Coles will be competitive forever

 In Australia, Coles, NewZealand
Supermarket giant Coles is on a war footing, with boss John Durkan defiantly declaring the Wesfarmers-owned chain would be "competitive forever" and "never give up" after Woolworths’ billion-dollar investment in prices and Aldi’s national expansion slashed earnings.
As the conglomerate circles the wagons around its prized supermarket business, Wesfarmers has put its Officeworks chain up for sale through a sharemarket listing at the same time as it works through indicative bids for its coal operation.
The sale of coal and a potential float of Officeworks could deliver Wesfarmers more than $4 billion, a valuable war chest as it fights off a resurgent  Woolworths, invests in rebuilding the Target chain and converting British shoppers to its Bunnings hardware store model.
Mr Durkan revealed promotions and price cuts were "pulled forward" in the second quarter in response to increased competition from arch rival Woolworths and Aldi’s rollout in South Australia and Western Australia. Sydney Morning Herald – Read more…

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