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(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 start making sales next year. For years the Perth-headquartered firm has grown most of its profit by ri...
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.