Selling: Coles, James Hardie Industries, Amcor Increased margin pressures from higher labour, energy, rental, transport and interest costs were the key theme of the recent reporting season, says Golowenko. “We’ve recently reduced exposure in Coles Group reflective of these rising cost pressures, along with what seemingly continues to be the ‘beyond time, beyond budget’ build-out of their back-end fulfilment and distribution centres,” says Golowenko. He adds that the “sharp” post-results rally in James Hardie Industries offered the chance to “position lower”. “We see the business executing well on its premiumisation strategy. However, [we] believe it will not be immune in…