REPORT: Coles To Cut 600 Jobs

Getty/Ian Waldie

Coles reportedly plans to cut up to 600 jobs from its head office in Melbourne as part of an efficiency drive

The Sydney Morning Herald says the job cuts are expected to be announced in Melbourne on Wednesday by managing director John Durkan.

The supermarket chain’s earnings grew 9.1% to $1.672 billion in the year to the end of June.

Its parent company, Wesfarmers, announced a 18.9% rise in net profit to $2.689 billion, a special dividend to shareholders and a capital return program of $1 billion.

Coles was not immediately available for comment.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at