By Sonya Rabbitte, 9 October 2001 17:10
NEWS Australia's largest retail group is selling its e-tail arm after its CEO slammed the loss making division as nothing more than 'a toy'. Retail group Coles Myer is looking to sell parts of its shopping portal e.colesmyer after it accrued huge losses and halved group profit. E.colesmyer saw revenue jump 23.4 per cent to AUS$ 291.9m for the year ending 29 July. But losses mounted to AUS$27m. Overall the Coles Myer group wrote off AUS$182m in restructuring costs related to setting up the internet business, and saw profit plummet fifty per cent, from AUS$300m in the same period a year ago to AUS$150m. Describing the internet division as a 'new toy', Coles Myer CEO John Fletcher said he was not happy with its performance and would look to sell it, according to a report in the Australian Financial Review.
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