Coles turnaround gathers pace: Wesfarmers

 In Australia, Coles, NewZealand

Perth-based conglomerate Wesfarmers has reported flat half year profit growth of only 0.3 per cent to $1.176 billion after its insurance arm was affected by a high level of catastrophe claims and increases in reserves.

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However, the company’s flagship Coles supermarket division has continued to improve despite the tough retail trading environment.

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Wesfarmers said today that its operating revenue rose 5.7 per cent to $29.674 billion and that excluding the impact of one-offs its profit was up by 5.2 per cent. Sydney Morning Herald – Read more…
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