It is pretty crazy how Coles says there was a lot of “shoplifting” whereas at Woolies, there was hardly any.
Conclusion they are falsely reporting shrinkage as shoplifting whereas it is wrecker Weckert’s dodgy and faulty machines and lack of staff at Coles.
The embattled and scandal ridden EY of Aishwarya Venkatachalam fame is the Coles auditor so you can treat the Coles financial statements with the degree of mirth they deserve.
I just do not believe the figures they are attributing to shoplifting.
It is either their faulty dodgy machines or they have no stock controls.
Either way, their chronic understaffing and problems getting humans to suffer the ignominy and tyranny of machines and robots that do not work and are not even recording stuff right is their greatest weakness,
If Coles does not get a grip of themselves, they will lose more than the $250 million they wasted away on those useless non performing robots in Hellbourne as part of the Ocado deal.
COL Price at posting:
$15.95 Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)