First Impression: Wesfarmers (WES) FY16 Result

Bell Potter


Coles EBIT in line with our estimate- up 4.3% to $1860m, margin Steady 4.7%. Food and Liquor comparative sales growth 4.1% (3.9% pcp) | Bunnings EBIT up 11.6% to $1214m and EBIT margin 10.5% as compared to 11.4% in pcp. Store-on-store sales growth 8.1% | Office Works up 13.6% to $134m with EBIT margin 7.2% as compared to 6.9% in pcp | Department Stores EBIT down 47.3% to $275m with K Mart up 8.8% to $470m and Target ($50m) .K Mart EBIT margin 9.1% (9.5% pcp) and comparable sales growth of 10.5% (4.6% in pcp). Target EBIT margin (1.4%) as compared to 2.6% in pcp and comparable sales growth (0.4%) | Industrials down 86.7% to $47m- performance remains challenging: Resources ($310m), WesCEF up 26.2% to $294m, Industrial and Safety down 10% to $63m | Net operating cash flow down 11.2% to $3365m.

1 stock mentioned

Bell Potter

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.


Sign In or Join Free to comment