(Translation of registrant's name into English)

800 TOORAK ROAD, TOORONGA, VICTORIA, AUSTRALIA

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F      X      Form 40-F         

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):         

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):          

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form the registrant is also thereby furnishing the information to the Commission pusuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes              No      X  

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

Date March 11, 2004

Coles Myer Ltd.

ABN 11 004 089 936

800 Toorak Road, Tooronga, 3146

Telephone (03) 9829 3111

Facsimile (03) 9829 6787

Postal Address: PO Box 2000, Glen Iris, 3146

News Release

"This is a great result - the highest interim profit and the strongest balance sheet in Coles Myer's history," Chief Executive Officer John Fletcher said.

"It is another major step in Coles Myer's strategy to be Australia's number one retailer in all of our brands.

"The business is delivering on its goals of growing shareholder value through delighting our customers and being the best team," Mr Fletcher said.

The Food and Liquor business has reported its best interim profit growth rate in six years. The non-food brands have continued their progress against the rebuild strategy, and have increased their margins in highly competitive markets.

We are well on the way to achieving our cost saving target of $300 million by the end of FY2004. A further $67 million in savings was generated during the half year, bringing total savings to $283 million since the beginning of FY2002. Excluding the impact of 2003 accounting policy changes, the cost of doing business decreased for Food and Liquor and the non-food brands during the half.

The balance sheet has further strengthened, featuring negative working capital and a net positive cash position.

Operating cashflow rose by 30.5% to $814.4 million, reflecting the 28.3% increase in net profit after tax. Free cashflow rose by $204.0 million to $442.8 million. Return on investment increased to 19.9%, up from 16.0% in 2003.

Directors have declared a fully franked interim dividend of 14.0 cents per share, an increase of 0.5 cents per share on last year, payable on 10 May 2004.

Across all of our businesses, customers are telling us that we are providing better value, better range and better convenience.

Our new loyalty offer, comprising the Coles Express fuel discount, the new Coles Myer Source MasterCard and the enhanced FlyBuys program, is now in place.

Customer response to the Coles Express fuel offer has been exceptional. Similarly, the Source MasterCard has also received an excellent response, in terms of new customer sign-ons, conversions of existing store card holders and overall spend since it was launched last October.

We believe that this three-pronged loyalty program gives our customers access to the best retail loyalty offer in Australia.

We continue to be focussed on creating the right organisational culture as a critical factor in our success. The four elements of our cultural transformation are recruiting and developing the best people, building leadership to ensure we are well positioned for the future, aligning performance and reward with our strategic goals, and providing a safe working and shopping environment.

Senior management performance is now rewarded from both a brand and Group perspective, ensuring a collaborative approach to whole of company success.

During the half, we launched the new Coles Myer Institute to manage the training and development of all of our people. Established in conjunction with Deakin University, the Institute will train some 60,000 staff annually in job-specific and broader leadership skills.

Meanwhile, our new Group-wide e-recruitment system has become one of the most popular internet sites for job seekers in the country, enabling internal and external candidates to easily and efficiently apply for positions throughout the organisation.

Coles Myer's earnings expectations for FY2004 have been upgraded. Underlying net profit after tax of $558-$568 million is now expected, excluding supply chain implementation costs of $40 million pre-tax (previous guidance $548-$558 million).

After supply chain costs, net profit after tax of $530-540 million is expected (previous guidance $520-$530 million).

Earnings in the second half will be influenced by the re-location of the Coles Myer Liquor Group to Melbourne ($12 million pre-tax cost), and the traditionally lower weighting in non-food earnings due to seasonal factors.

Our new loyalty program is designed to give real value to all of our customers, including shareholders, by rewarding them on the basis of their spending in our stores.

With this program now in place, we will discontinue the Shareholder Discount Card scheme from July 31, 2004, as previously announced.

We will continue to direct the savings from the shareholder discount to improve the competitiveness of our prices and the value of our customer offer.

Discount Card holders who have sold, or intend selling their shares, remain entitled to use the Discount Card until it expires at the end of July. For Coles Myer shareholders with 800 ordinary shares or less, the Company is establishing a Share Sale Facility, providing a free and convenient method for those wishing to sell their shareholding.

The Share Sale Facility will operate from March 15 to April 23, 2004, with UBS Securities Australia Ltd acting as broker. All eligible shareholders will receive a Share Sale Facility Information Booklet and a Participation Form.

Further details are contained in the attached Fact Sheet, and at www.colesmyer.com or the Coles Myer Share Registry Call Centre (tel: 1300 130 278).

Steven Cain, Group Managing Director Food, Liquor and Fuel, said that the Food and Liquor business reported its strongest interim profit growth rate in six years.

"The focus on delighting customers is clearly bearing fruit," Mr Cain said.

"New fresh produce departments, now in 270 Coles stores, are being received enthusiastically by customers. The produce bins are helping to create a market feel, while faster stock replenishment is improving quality and reducing waste.

"The extensive house-brand ranges in both Coles and Bi-Lo continue to play an important part in reinforcing the distinct value positioning of the two supermarket brands. Customer support is well established and is driving sales growth.

"Sales momentum increased over the half, with second quarter Food and Liquor sales growth of 8.6%, as customers responded positively to lower prices, the Coles Express fuel discount offer, our new fresh food departments and our competitive positioning.

"The Food and Liquor retail EBIT margin rose by 21 basis points to 3.71%. This reflects sales leverage, reduced shrinkage and waste, and continued streamlining of costs. As a result, the Food and Liquor CODB to sales ratio fell by 45 basis points to 20.57%. Operating gross margin was 24.28% (2003: 24.52%), reflecting reinvestment in price to further strengthen our value offer.

"Coles Express reported Fuel and Convenience retail EBIT of $4.4 million in its first trading period. This result is net of set-up and launch costs and the establishment of a national infrastructure. It includes the first six months of trading in Victoria (launched 28 July 2003) and only two months in NSW (launched 1 December 2003).

"As a consequence of the outstanding customer response to our fuel offer, the Coles Express network is now expected to generate annual sales of approximately $4 billion when fully rolled-out.

"The cents per litre fuel discount cost is borne by the brands on an arm's length basis. The Food and Liquor business accounts for three cents of the four cent discount, with Coles Express accounting for one cent.

"Fuel and Convenience earnings are expected to increase in the second half, as the sales base grows and leverages fixed costs. Coles Express is expected to be earnings per share positive in FY2004 in its own right," Mr Cain said.

Mr Cain said that the Coles Myer Liquor Group head office would be relocating to Melbourne by January 2005.

"Co-location will enable our Food and Liquor teams both to work more closely on innovative ways to delight the customer and to benefit from cross-brand career development opportunities.

"While supportive of the move, Craig Watkins has decided that the time is right for him to take early retirement as Managing Director of the Liquor business after 35 years with Coles Myer. He will retire at the end of March 2004.

"Craig has made an outstanding contribution to Coles Myer and to the liquor industry in Australia. In his 18 years as Managing Director, Craig has played a pivotal role in building the Liquor business and has lead an unprecedented period of expansion.

"Peter Scott, currently Managing Director of Officeworks, will take up the position of Managing Director of the Coles Myer Liquor Group," Mr Cain said.

The store expansion program is continuing to plan, with 18 supermarkets and 10 liquor outlets opened in the half. In the order of 30 supermarkets and 20-25 liquor stores will be opened in total in FY2004.

While the market remains highly competitive, the Food, Liquor and Fuel business is well positioned for growth through its focus on better value and new products for customers, including:

• The expected sales impact of our fuel launch in Queensland, WA, SA and NT;
• Completion of the roll-out of Coles' new fresh produce departments;
• Continued growth in our successful house brands, with the largest range in the market (3,200 SKUs and growing) and great value.

Kmart and Officeworks reported a 17.4% increase in combined retail EBIT to $99.9 million. Both brands improved their margins over the half year, with the combined retail EBIT margin rising by 36 basis points to 4.07%.

Kmart Managing Director, Hani Zayadi, said that Kmart's retail EBIT growth strongly exceeded its sales growth.

"While Kmart's sales growth slowed during the half, against a very high prior year base, unit volume growth remained solid, led by entertainment categories. Importantly, Kmart's sales have strengthened in the third quarter to date.

"Kmart's rebuild is continuing, with the focus on growing value for customers through new and exciting products at guaranteed lowest prices. The store refurbishment program is progressing to plan, with wider aisles and lower fixtures to improve the in-store experience for customers.

"Kmart opened three new stores in the first half, with a further three openings planned for the second half," Mr Zayadi said.

Officeworks delivered another good performance. Officeworks Managing Director Peter Scott said the business continued to strengthen its position as the number one choice for small businesses in both retail and direct channels.

"The result reflected good sales growth, improved merchandise mix and ongoing business efficiencies," Mr Scott said.

Officeworks opened six new stores in the half, with at least four openings planned for the second half.

Myer and Megamart reported a significant 41.6% increase in retail EBIT to $55.1 million.

"Myer's performance demonstrates strong progress against its strategic milestones. We are well on the way to restoring Myer as Australia's leading department store," Myer Managing Director Dawn Robertson said.

"The quality of our sales and inventory has continued to strengthen, resulting in a retail EBIT margin increase of 84 basis points to 3.07%. This reflects ongoing enhancements to merchandise assortments and in-store execution, planned and balanced marketing, and more efficient capital investment.

"Myer is making strong progress in establishing our stores as a destination for modern, fashion brands for women, men and home. Evidence of customers' acceptance has continued in winter 2004, with many new and modern brands receiving a strong response. Our consistent progress has been achieved through the strength of the Myer team working together to deliver our strategy.

"The re-brand of Grace Bros stores in NSW and ACT to Myer is one more step on the rebuild journey, creating a single, national department store. All stores have now been re-branded, and customers are seeing improvements in merchandise, store environment and customer service.

"The success of our strategic positioning means that we are entering the second half of 2004 in a much stronger position than last year," Ms Robertson said.

Managing Director Larry Davis said that Target delivered its strongest first half profit in five years, reporting

a 28.7% increase in retail EBIT to $87.9 million. This follows the significant 70.8% increase in retail EBIT in the prior year's first half.

"Target's strength is its unique position as a differentiated discount department store. We are successfully delivering on our strategy of on-trend, affordable and high quality ranges, combined with excellent store execution and rapid sell-through within each season," Mr Davis said.

"Target's retail margin rose by 101 basis points to 5.83%, reflecting good management of product cost and promotional programs, combined with strong inventory control. Inventory flows continued to improve, with stock-turn increasing from 4.0 times to 4.3 times.

"We have now cemented Target as a destination for her, her family and her home. This is further evidenced by the strong customer response to new private label ranges and product licences introduced over the half in apparel and homewares.

"Our buyers are travelling extensively to identify the latest trends and products, which is reflected in our speed to market with new merchandising ranges. Our store teams are dedicated to continual improvement in execution and customer service.

"Target opened three stores during the half, replaced two and closed five, as part of the ongoing strategy of opening stores in key growth areas and closing non-performing stores.

"Target's focus on the right merchandise, events, store layout and execution should position the business well going forward," Mr Davis said.

Emerging Businesses reported a retail EBIT loss of $8.3 million, with Coles Online incurring integration costs associated with the Shopfast acquisition.

The transformation of CML's Supply Chain and Information Technology will leverage the unique competitive advantage of the Group, to drive better value and service for customers and better returns for shareholders.

These major projects have progressed well during the half, in line with plan. Key achievements include:

• Installation of a strong management team, with internationally experienced executives (including those from Tesco and Sainsbury) building on local knowledge
• Distribution centre fulfilment to stores already improved by 2%
• Two distribution centre closures
• Consolidation of transport suppliers, enabling more efficient factory gate pricing and reduced direct deliveries
• Consolidation of hang-wear processing from six sites to two
• Trialing of merchandise units in milk and drinks, and produce crates - focussed on reducing double-handling and easier filling of fixtures

Corporate costs fell by $7.7 million to $47.9 million, assisted by lower Annual General Meeting expenses and restructuring and project costs.

Costs associated with the implementation of the supply chain strategy totalled $10.1 million pre-tax in the half. As previously indicated, supply chain costs of approximately $40.0 million pre-tax ($28.0 million post tax) are expected for the full year.

Total property earnings fell by $1.3 million to $17.2 million. Property operating earnings fell by $9.3 million to $8.9 million, following the sale of Sydney Central Plaza in March 2003. The book value of the property portfolio at half year end was $398 million (2003: $745 million).

Net borrowing costs decreased from $39.0 million in 2003 to $28.9 million. This reflects significantly lower average net debt levels, assisted by strong cashflow. Coles Myer received $2.7 million (2003: $1.5 million) in interest income from the Coles Myer Employee Share Plan for the funding facility.

Income tax expense of $151.8 million reflects an effective tax rate of 30.3%.

The balance sheet was further strengthened over the half, featuring a net positive cash position. Improved trading results and negative working capital were the key drivers.

Return on investment increased strongly to 19.9% from 16.0% in 2003.

Inventory levels rose by 6.6%, including new stores and acquisitions, being considerably lower than the 13.3% increase in Group sales. Stock-turns improved for Food and Liquor, along with Kmart, Officeworks, Myer and Target. Creditors support rose from 59.0% to 62.8% over the half, with negative working capital of $79.9 million.

Operating cashflow rose by $190.1 million to $814.4 million, in line with the 28.3% increase in net profit after tax. This reflects improved business performance, lower funding costs and strong balance sheet management.

Total cashflow capital expenditure of $473.2 million (2003: $408.5 million) included the acquisition of fuel sites in Victoria and NSW. Excluding acquisitions, cashflow capex was $351.9 million (2003: $305.3 million). Strong free cashflow of $442.8 million was generated over the half, up $204.0 million on 2003.

We explained then that the card was very expensive by global standards while only rewarding a small proportion of our customers. We committed to rewarding shareholders by improving the returns on their investment in the company while providing customers with better value everyday and a loyalty program which was both affordable and rewarded all customers, including our shareholders.

Today's financial results and the increased dividend show that the company is making significant progress in achieving increased value for shareholders.

We have also delivered on our promises to customers. We have reinvested savings from the phasing out of shareholder discounts to lower prices, and we have put in place a comprehensive loyalty program to reward all of our customers. This program includes the Coles Express fuel discount offer, a revamped FlyBuys program and a Coles Myer Source MasterCard that can be linked to FlyBuys.

With the new loyalty program in place this month, Coles Myer confirms that the Shareholder Discount card will conclude on 31July 2004, as previously advised. Existing discount rates will apply until the card ceases.

We remind those shareholders entitled to use the discount card that there is no longer a requirement to hold Coles Myer shares in order to use the card through to its conclusion on 31 July 2004.

The company is aware that some shareholders purchased the minimum 500 shares to qualify for a discount card and that, notwithstanding the company's significant progress and prospects, they may wish now to sell their shares.

Accordingly, in order to assist such shareholders, a Share Sale Facility will be offered to Australian and New Zealand shareholders who have 800 shares or less. The facility is:

• Free of broking fees and transactional costs
• Simple
• Entirely voluntary

The facility will operate from 15 March to 23 April 2004, with UBS Securities Australia Ltd acting as broker. Eligible shareholders will receive a Share Sale Facility Information Booklet, which explains the terms and conditions of the facility and instructions on how to complete the form for shareholders who wish to participate.

Further details of the Share Sale Facility are available at www.colesmyer.com, or from the Coles Myer Share Registry Call Centre on:

Phone: 1300 130 278 (for callers in Australia)

+61 3 9615 5977 (for callers outside Australia)

The Facility is entirely voluntary. You do not need to sell any Shares. It is entirely your decision.

Coles Myer recognises that, for some shareholders who hold a small number of shares, transaction costs and the inconvenience involved in engaging a broker may be an impediment to selling shares. This being the case, Coles Myer has arranged the Facility as a convenient way for shareholders with small holdings to sell their Shares.

No. The Coles Myer Shareholder Discount Card expires on 31 July 2004. Whether or not you sell your Shares now, you can continue to use your Shareholder Discount Card until 31 July 2004.

You are an eligible shareholder and able to use the Facility if:

• you owned 800 or less Shares as at 5.00pm (Melbourne time) on 8 March 2004;
• you wish to sell all (and not just some) of your Shares;
• your address shown on the Coles Myer share register is in Australia or New Zealand; and
• your Participation Form is received by Computershare Investor Services Pty Ltd (Computershare) by 5:00pm (Melbourne time) on 23 April 2004.

If your Shares are CHESS sponsored, Coles Myer will also seek to have your Shares converted to issuer sponsored status before they are sold through the Facility. However, if they cannot be converted (for example, because your broker has security over your shares), you will not be able to use the Facility.

You will pay no fees or transaction costs if you use the Facility. Coles Myer will pay all transaction costs and applicable GST. However, any tax consequences arising from the sale of your Shares are your responsibility.

If you are an eligible shareholder and you wish to use the Facility:

• READ the explanation and terms of the Facility that will be sent to eligible shareholders;
• ENSURE that your name and address on the Participation Form are correct; and
• SIGN and RETURN the Participation Form in accordance with the instructions on that form before 5:00pm (Melbourne time) on 23 April 2004.

Participation Forms returned by fax or email or photocopied forms will not be accepted.

Coles Myer may (but is not obliged to) accept a Participation Form as valid even if it is late, incomplete or is otherwise defective.

UBS Securities Australia Ltd (the Broker) and Coles Myer reserve the right to reject or not process any Participation Form, whether completed correctly or not.

The Facility will be open for 6 weeks, from 15 March 2004 until 23 April 2004.

Once you have returned your Participation Form, you may not sell any of your Shares other than through the Facility. However, if your holding of Shares increases or reduces, you may still use the Facility. The Facility will apply to all of your Shares at the time your Participation Form is processed by Computershare, and not just your holding as at 8 March 2004. This means that, if you acquire more Shares after 8 March 2004 (such as under the Coles Myer dividend reinvestment plan) and use the Facility, those additional Shares, as well as your original holding, will be sold through the Facility.

If you use the Facility, you cannot specify the date your Shares will be sold. Your Shares will be sold after your Participation Form is received by Computershare. Computershare will process forms in the order in which they are received into batches daily.

Sales by the Broker (as an execution-only broker) will then generally occur in the ordinary course of trading on the ASX on the trading day following processing.

However, if the Broker considers that selling all Shares on one day may not be prudent or appropriate in the light of prevailing market conditions, or may give rise to an excessive concentration of sales, the Broker may delay the sale of some or all Shares available to be sold on a particular trading day, or sell some or all of those Shares other than on the ASX, for example, by a special crossing, by the Broker acting as principal or through an off-market tender process. Despite this, no Shares will be sold more than 3 weeks after the Facility closes.

If you use the Facility, you cannot specify the price at which your Shares will be sold. The price payable for each of your Shares sold through the Facility (Sale Price) will be the average price of all Shares sold by the Broker through the Facility on the day that your Shares are sold. The Sale Price will be calculated by the Broker and may not be challenged in the absence of manifest error. Your sale proceeds will be equal to the Sale Price multiplied by the number of your Shares sold through the facility rounded up to the nearest cent.

You should note that the Sale Price may be different to the price for Shares appearing in the newspaper or quoted by the ASX on the day that your Participation Form is returned or on any other day (including the day on which your Shares are sold), and may not be the best price obtainable on the day on which your Shares are sold.

Within 5 business days after the sale of your Shares, a cheque (in Australian dollars) for your sale proceeds will be sent to your address as shown on the Coles Myer share register and made payable to the name(s) on the share register. Computershare will notify you, by way of a transaction confirmation note issued on behalf of the Broker and sent to the same address, of the number of your Shares sold through the Facility and the Sale Price for those Shares. You will not receive interest on any proceeds of the sale of your Shares.

If you are thinking of selling your Shares prior to the Facility closing, then you can do this using the Facility or through your broker on the ASX. Some different features of each method are outlined below:

8 April 2004 is the date that Shares commence to trade ex-dividend on the ASX in respect of the interim dividend to be paid on 10 May 2004.

If you wish to receive the interim dividend, do not return your Participation Form until after 8 April 2004. You should note that the interim dividend entitlement is valuable, and selling your Shares after 8 April 2004 without this entitlement may result in you realising a lower price for your Shares.

Conversely, selling your Shares before 8 April 2004 means you will not receive the interim dividend, however it may result in you realising a higher price for your Shares.

If you participate in the DRP, and you use the Facility, your participation in the DRP will cease if your Participation Form is received by Computershare on or before 16 April 2004 (the record date for the interim dividend). As the Shares will trade on the ASX with the dividend until 8 April 2004, there are 3 possible outcomes.

If your Shares are sold on or before 7 April 2004, you will receive the proceeds of sale, but are not entitled to the interim dividend nor any DRP shares.

Otherwise:

• If your Participation Form is received on or before 16 April 2004, you will receive the proceeds of sale and a dividend cheque in due course.
• If your Participation Form is received after 16 April 2004, you will still participate in the DRP, but any Shares allocated to you under the DRP will be sold through the Facility after allotment on 10 May 2004 and you will then receive the proceeds of sale in a separate cheque.

The directors present their report for the 26 weeks ended 25 January 2004.

The names of the directors in office at the date of this report are:

Richard H. Allert, AM Chairman

John E. Fletcher Managing Director and Chief Executive Officer

Patricia (Patty) E. Akopiantz Non-executive Director

Ronald K. (Keith) Barton Non-executive Director

William (Bill) P. Gurry, AO Non-executive Director

Anthony (Tony) G. Hodgson Non-executive Director

Mark M. Leibler, AO Non-executive Director

Sandra V. McPhee Non-executive Director

Martyn K. Myer Non-executive Director

John M. (Michael) Wemms Non-executive Director

The above directors each held office during and since the end of the period.

Richard (Ric) M. Charlton, AM, retired as a non-executive director on 26 November 2003.

The results of the operations of the CML Group during the period are reviewed on pages 1 to 10.

CML is a company of the kind referred to in the Australian Securities & Investments Commission Class Order 98/0100 dated 10 July 1998. As a result, amounts in the accompanying financial report have, where appropriate, been rounded to the nearest one hundred thousand dollars except where otherwise indicated.

The directors declare that the financial statements and the notes set out on pages 15 to 28:

1. comply with the Accounting Standards and the Corporations Regulations 2001; and
2. give a true and fair view of the CML Group's financial position at 25 January 2004 and its performance for the 26 weeks ended on that date.

The directors further declare that in their opinion there are reasonable grounds to believe that CML will be able to pay its debts as and when they become due and payable.

This directors' report and declaration are made in accordance with a resolution of the directors.