Coles rises on Fletcher profit tip

Coles Myer CEO John Fletcher has tipped the retailer will deliver an extra $10 million net profit in spite of a year of indifferent sales figures. Fletcher lifted the profit estimate by around 26 per cent above 2001-02 levels to $445 million, well up on his original forecast of $425-435 million. Fletcher pointed to improved performances by Myer Grace Bros, Kmart and Target. Coles Myer's shares rose to an intraday high of $7.46 and closed 17 cents up at $7.42, with 5 million shares traded.