Australia's largest listed conglomerate Wesfarmers Limited (WES)reported its full year numbers today. Wesfarmers posted a better than expected NPAT of $2.26Billion and its cash flow and balance sheet were solid. Coles, Kmart and Officeworks in the retail sector listed strong returns. While the retailer Target's performance was still below market expectations with comparable sales in the last quarter showing continued weakness (down 9.8%). Target has been working hard selling down excess inventories but this caused its FY margins to fall to 3.7% compared to 6.5% in 2012. Bunnings is well positioned to continue strong sales. WES surprised the market announcing a capital return of $0.50 per share (subject to final ruling by ATO & shareholder approval) and shareholders will also receive a 2H dividend of $1.03 payable on 27th Sept. 2013. Watch here: (VIEW LINK)


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