Australia's largest food and liquor retailer Coles Myer has ruled out any further acquisitions including that of Penfolds wines, part of the Southcorp group.

Coles Myer chief executive John Fletcher said the company had plenty on its plate in terms of opportunities and expansions. It has just reported an annual profit of A$349.5m (US$255.2m) and has a target of A$800m (US$584m) by 2006.