Wesfarmers Result Savaged by Target, Coal

Wesfarmers’ discount department store chain Target slid to a $195 million full-year loss in 2016, dragged down by a hefty clean-up bill for its troubled operations. The retail problem child combined with losses from Wesfarmers’ coal business and weaker sales growth at the Coles supermarket chain to savage the conglomerate’s profits.
Full-year net profit for Wesfarmers collapsed by more than 83 per cent to just $407 million, with Coles’ same-store food and liquor sales growth falling to 2.8 per cent in the June quarter. Sydney Morning Herald – Read more…