Coles lists on ASX with a value of $18 billion after Wesfarmers demerger
After 11 years of falling under the Wesfarmers conglomerate, Coles is embarking on a new adventure as a separately listed company.
Coles CEO Steven Cain tells Ross Greenwood the supermarket chain “absolutely” has the firepower to take on its competitors such as Aldi and Woolworths.
“If you look at the last 10 years… Coles has gained market share and doubled its profitability.
“It sort of says two things… Coles has got a great team that can navigate through disruptions and its also got a great asset base that it continues to invest in.”
For prospective share buyers, Mr Cain says “it’s a very resilient share”.
“We think it will pay a very good dividend.”
Click PLAY below to hear the full interview
Brenda Palmer, Coles’ longest-serving employee, has been with the supermarket for 51 years.
She was given the opportunity, alongside Mr Cain, to ring the bell at the AXS to commemorate Coles going back onto the market.
She tells Ross “everything” has changed since she first began.
“It’s not the job I applied for. It is far easier these days than it was in the old days.
“These days all they do is wave a card and their groceries are paid for.”