Coles turnaround gathers pace: Wesfarmers
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.
However, the company’s flagship Coles supermarket division has continued to improve despite the tough retail trading environment.
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…