Wesfarmers’ underlying net profit rose 8.3 percent to AUD2.44 billion (USD1.78b) in 2015 as strong earnings growth at Bunnings, Kmart and Coles, combined with a long-awaited rebound at Target, offset weaker earnings in the conglomerate’s coal and industrial and safety operations.
After an 8.3 percent increase in underlying net profit in the December half, earnings growth was maintained in the second half, aided by improving consumer sentiment and the federal government’s small business tax incentives.
Earnings before interest and tax from continuing operations rose 5.4 percent to AUD3.76 billion, slightly ahead of consensus forecasts of AUD3.75 billion, underpinned by 11.1 percent profit growth at Bunnings and 18 percent at Kmart.
(Source: The Sydney Morning Herald Online )