Coles Myer and its bitter rival Woolworths have management problems that their good news on profits and capital management cannot hide forever.
At the moment, investors are looking to the announcement of Coles Myer’s half year results tomorrow to reveal good profits (which they will), capital management moves like a $1 billion buyback (which they will), and some news on the future direction for Myer and its CEO, Dawn Robertson (well who knows?).
But while chairman Ric Allert and CEO John Fletcher will look good revealing profits, talking about forecasts and luxuriating in the capital management moves, which are six months late, the smarter investor will want real information on whether Myer can be saved or deserves to be saved, or whether it should be shaken free. The full story is on our website here.
Get Crikey FREE to your inbox every weekday morning with the Crikey Worm.