Bunnings stars for Wesfarmers, while Coles matches and Target disappoints

 In Australia, Bunnings, Coles, NewZealand, Target
Conglomerate Wesfarmers says it is pleased with the performance of its retail business, with supermarket chain Coles meeting expectations with its third quarter sales, hardware chain Bunnings outperforming, but discount department store Target reporting a surprise slip.
Shares in Wesfarmers dipped in early trade on the news, down 0.67 per cent to $42.95, in line with a weaker market.
Bruce Smith, portfolio manager at Alphinity Investment Management, said the result was pretty much in line with expectations. "Bunnings is a brilliant business and going strongly, the Kmart recovery continues and Target’s still pretty ordinary," he said.  Sydney Morning Herald – Read more…

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