Page 21 - Rob Scott News Today

By Archishma Iyer and Byron Kaye (Reuters) -Australian conglomerate Wesfarmers Ltd said annual profit rose 4.8%, just ahead of analyst forecasts, as

Australian shoppers are flocking to discount chain Kmart as the cost of living crisis bites, with the company unveiling a big result.

In an effort to continue expanding its exposure to lithium, its Covalent lithium project is expected to contribute 50,000 metric tons of assumed lithium oxide, should there be a successful commission and ramp-up of the concentrator at the Mount Holland mine in Western Australia.

Self-service checkouts and fewer staff on the shop floor have contributed to a rise in shoplifting which is denting profits.

(Reuters) -Australia's retail giant Wesfarmers recorded a 4.8% rise in its full-year profit on Friday, boosted by strong performance by its hardware u...

(Reuters) -Australia's retail giant Wesfarmers recorded a 4.8% rise in its full-year profit on Friday, boosted by strong performance by its hardware unit Bunnings, budget department store Kmart and the chemicals, energy and fertilisers unit. The compan...

By David Winning SYDNEY--Wesfarmers said its annual net profit rose by 4.8%, but offered a mixed outlook for fiscal 2024 with its retail businesses...

(Reuters) -Australian conglomerate Wesfarmers Ltd said annual profit rose 4.8%, just ahead of analyst forecasts, as elevated living costs sent new shoppers to its budget department store chain Kmart, offsetting the impact of a renovation slowdown on its hardware unit. The result shows the benefit of diversification at the country's biggest listed conglomerate which also owns pharmacies, an office supplies chain, an industrial chemicals business and a lithium mine that is scheduled to star...

The retailer plans to cut about 30 per cent of its 340 jobs in areas such as finance, HR, merchandise, marketing and retail operations.

"Growing a carnival in a cornfield isn't that different from farming. It's a capital-intensive business" and weather impacting profits.