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Coles to Focus A$1.4 Billion Fiscal Year 2022 Capex on Efficiency Drive

   By Stuart Condie 
 

SYDNEY--Coles Ltd. will focus the majority of its 1.4 billion Australian dollars (US$1.07 billion) of fiscal 2022 capital expenditure on efficiency measures that include automation of the supermarket chain's distribution centers.

Coles on Thursday said about 60% of fiscal 2022 capex would be focused on improving efficiency, with the remainder split roughly equally between growth, maintenance and the implementation of 50 store renewals and 20 new stores.

It expects depreciation and amortization of between A$1.67 billion and A$1.72 billion, while automation assets supplied by Witron Logistik + Informatik GmbH and Ocado Group PLC will begin to depreciate in the 2023 fiscal year.

 

Write to Stuart Condie at stuart.condie@wsj.com

 

(END) Dow Jones Newswires

June 16, 2021 19:07 ET (23:07 GMT)

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