Coles earnings fall, adding to Wesfarmers’ Bunnings UK woes

 In Australia, Bunnings, Coles, International, NewZealand
Coles’ sales growth slowed and its earnings went backwards in the latest half, compounding woes for parent company Wesfarmers, which has seen its profit plunge 86 per cent because of its disastrous hardware expansion into the northern hemisphere.
The retail conglomerate on Tuesday reported net profit of $212m for the six months to December 31, down from $1.57 billion for the same period a year earlier.
The plunge was driven by a $1 billion writedown announced earlier this month to the value of Wesfarmers’ Bunnings UK and Ireland (BUKI) business, and a $300 million writedown to the value of its Target chain.
Yet even without those impartments, net profit was down 3.3 per cent at $2.35 billion. Sydney Morning Herald – Read more…

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