First Impression: Wesfarmers (WES) Interim Result

Bell Potter


Food Liquor Petrol: Coles EBIT down 2.6% to $920m, EBIT margin 4.6% as compared to 4.7% in pcp. Food & Liquor Comparative sales growth 1.3% (4.3% pcp) | Bunnings EBIT up 3% to $722m and EBIT margin 10.3% as compared to 12.7% in pcp | Office Works up 5.1% to $62m with EBIT margin 6.7% as compared to 6.2% in pcp | K Mart EBIT up 16.3% to $371m with EBIT margin 12.4% as compared to 11.6% in pcp. Comparative sales growth 5.7% (9.1% in pcp) | Target EBITdown 78.4% to $16m with EBIT margin 1% (3.8% pcp). Comparative sales growth (18.2%) (1.4% pcp) | Industrial (Chem, Energy, Ferilizers) up 79.8% $187m. Industrial & Safety EBIT up 44.4% to $52m. | Net operating cash flow up 10% to $2648m. | Outlook: “Progressing strategic reviews of Resources & Officeworks; Maintain a strong balance sheet & cash flow generation. Secure growth opportunities through entrepreneurial initiatives. Ensure sustainability through responsible long-term management.”

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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.

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