(Translation of registrant's name into English)

800 TOORAK ROAD, TOORONGA, VICTORIA, AUSTRALIA

(Address of principal executive offices)

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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 May 13, 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

13 May 2004

"This is a strong result, delivering on our goals of growing shareholder value through delighting our customers and being the best team," CML CEO John Fletcher said.

"Our Food and Liquor business has reported its best quarter in two years, reflecting increased sales growth momentum and market share gains. The non-food brands have grown sales in highly competitive markets, with further improvement in the quality of sales and margins, despite unseasonably warm weather reducing foot traffic over Easter.

"The Group EBIT margin has increased year to date, reflecting margin expansion in both the Food and Liquor business and in our non-food brands," Mr Fletcher said.

Food, Liquor and Fuel sales rose by 34.4%. Excluding fuel, sales growth increased to 9.3%, led by the excellent customer response to the Coles Express fuel offer and the new fresh produce departments.

Kmart and Officeworks combined sales rose by 4.3% and Target sales were up by 6.5%, with margins improving in both of these businesses.

Myer and Megamart combined sales increased by 0.2%. Myer's sales and margins over the quarter were in line with expectations. Myer's key business categories of women's and men's apparel, cosmetics and soft home rose solidly, however, disappointing sales at Megamart in the highly competitive electrical category impacted the combined result.

"The Coles Myer Share Sale Facility closed on 23 April, with less than 8% of eligible shareholders choosing to sell their shares. We are optimistic that this response reflects shareholders' support for our customer-focussed strategy and our significant improvement in financial performance," Mr Fletcher said.

Food and Liquor comparative store sales growth increased to 5.1% (excluding Fuel and Convenience sales), up from 4.0% in the second quarter.

The focus on delighting customers is delivering results. Coles' new fresh produce departments have now been introduced in over 80% of supermarkets. The new store program is also continuing to plan, with four supermarkets and three liquor outlets opened in the quarter.

The national roll-out of Coles Express was successfully completed during the quarter, with 598 sites now operating throughout Australia. The Coles Express business is expected to exceed its cost of capital and be EPS positive in its first year of operation.

Looking ahead, sales growth will be driven by providing great value and innovative offers across the network, including expansion of fresh food to increase customer frequency and basket size and continuing development of house brands.

Kmart & Officeworks' combined sales increased by 4.3% in the third quarter, against a very high prior year result of 16.7% growth.

Kmart continued to progress in the highly competitive discount department store environment.

Kmart's focus remains on providing customers with the best range of products at the lowest prices, the most exciting events and an improved shopping environment. Sales in the fourth quarter have strengthened, benefiting from the continued improvement to the brand's product and marketing offer.

Kmart opened one new store (Parkes NSW) and replaced one store (Werribee Victoria).

Officeworks delivered another good performance, reflecting its great range, convenience, customer service and low prices. During the quarter, Officeworks cycled its successful Viking office products acquisition (purchased in January 2003), and one new store was opened.

The Myer result was in line with strategy, including a solid uplift in Myer's key business categories of women's and men's apparel, cosmetics and soft home. However, sales at Megamart in the highly competitive electrical category were disappointing, impacting the combined result (Myer and Megamart combined sales up 0.2%).

Myer continues to progress against its strategic goals, with the quality of sales, margins and inventory further improving during the quarter. In line with strategy, Myer has remained focussed on delivering its planned marketing program, balancing branding, fashion and promotion to drive higher quality sales.

Customer feedback on the re-brand of Grace Bros stores in NSW and ACT to Myer has been positive. Improvements in merchandise and store environment were completed in three of the larger Sydney stores - Chatswood, Parramatta and Macquarie - late in the quarter. Myer Bondi opened strongly on 21 April in that important market, and is already showing its potential to become one of Myer's top performing stores.

There is clear focus on delivering improvements in Megamart to ensure strong positioning in the very competitive electrical market.

Target's sales increased by 6.5%, a strong result on last year's high base of 13.4% growth.

Target continues to successfully deliver on its strategy of on-trend, affordable and high quality ranges, combined with excellent store execution and rapid sell-through within each season. Target's speed to market with new merchandise ranges and successful events continues to drive customer appeal.

Continuing its portfolio management, Target opened one new store in the quarter at Bondi and a replacement store at Busselton in WA.

Target's focus on the right merchandise, events, store layout and execution should position the business well, in what is expected to be an increasingly competitive market.

Guidance of underlying net profit after tax of $558-568 million for FY2004 remains unchanged. Net of supply chain implementation costs ($40 million pre-tax), Group earnings of $530-540 million are expected.

Media Scott Whiffin 03 9829 5548

Analysts Amanda Fischer 03 9829 4521