Wesfarmers’ net profit rises 8.3pc on strong retail growth

 In Australia, Bunnings, Coles, KMart, NewZealand
Wesfarmers’ underlying net profit rose 8.3 per cent to $2.44 billion in 2015 as strong earnings growth at Bunnings, Kmart and Coles, combined with a long-awaited rebound at Target, offset weaker earnings in the conglomerate’s coal and industrial and safety operations.
After an 8.3 per cent increase in underlying net profit in the December half, earnings growth was maintained in the second half, aided by improving consumer sentiment and the federal government’s small business tax incentives.
Earnings before interest and tax from continuing operations rose 5.4 per cent to $3.76 billion, slightly ahead of consensus forecasts of $3.75 billion, underpinned by 11.1 per cent profit growth at Bunnings and 18 per cent at Kmart.  Sydney Morning Herald – Read more…

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