The Coles supermarkets, liquor and convenience store chains posted earnings before interest and tax of $831 million, and that equated to 2.9 cents of earnings before interest and tax (EBIT) in the sales dollar, up from 2.8¢ in the last seven months of 2007-2008. Excluding the low-margin convenience stores that account for 21 per cent of turnover, Coles boosted its EBIT profit margin from 2.9 per cent in the December half to 3.2 per cent in the June half. Goyder said yesterday the Coles resurrection was on track, and Wesfarmers shareholders are at least in the black on shares taken up in the $4.65 billion share issue the group did in February to solve the balance sheet pressure its Coles takeover created. The shares were sold for $13.94 apiece, and Wesfarmers' share price hit $26.50 on Wednesday. Yesterday they lost $1.10, or just over 4 per cent, to close at $25.40, however, and that's because the Coles overhaul is progressing slowly.