Australia's Coles looks to technology to cut $685 million in costs

Credit: REUTERS/DANIEL MUNOZ

Coles Group Ltd, Australia's second-biggest grocery chain, unveiled a planned A$1 billion ($685.40 million) in cost savings by financial year 2023 on Tuesday, as the company looks to technology to cut costs.

June 18 (Reuters) - Coles Group Ltd COL.AX, Australia's second-biggest grocery chain, unveiled a planned A$1 billion ($685.40 million) in cost savings by financial year 2023 on Tuesday, as the company looks to technology to cut costs.

The supermarket sector is battling intense competition, squeezed by rising costs and lower consumer spending.

($1 = 1.4590 Australian dollars)

(Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Matthew Lewis)

((NikhilKurian.Nainan@thomsonreuters.com; +91 806 749 1637 Reuters Messaging: nikhilkurian.nainan.thomsonreuters.com@reuters.net; Twitter: @NikhilKurianN))

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