Wesfarmers lifts dividend as profit beats forecasts

 In Australia, Coles, NewZealand
Wesfarmers has once again drawn on its powerhouse retail banner groups such as Coles supermarkets, Bunnings, Officeworks and Kmart, to deliver an 11.2 per cent jump in half-year profit.
The $1.4 billion profit exceeded analyst expectations, with group revenue of $31.9 billion, up 4 per cent, also overshooting the hopes of investors.
But while Wesfarmers, which is celebrating its 100th year in 2014, has seen its December half earnings power ahead courtesy of key retail stores, its struggling Target business was once again a drag on profit, with insurance also weaker and earnings for its often volatile resources division swinging to a large slide in pre-tax earnings.  Sydney Morning Herald – Read more…

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