Coles, owned by Wesfarmers Ltd (ASX:WES) has hit back at claims by manufacturers that suppliers are being driven offshore due to increasing price competition.
The Coles director of merchandise says global food and grocery companies are using price pressure as a convenient excuse for their own inefficiency, according to a report by the Australian Financial Review.
John Durkan was responding to comments from Heinz chairman Bill Johnson who described Australia as the worst market because of the battle between Coles and Woolworths.
In the first six months of the 2011 financial year, Wesfarmers booked a net profit of $1.2 billion.
