Coles Boosts Wesfarmers Profits

  • February 19, 2010
  • source: just-food

Wesfarmers yesterday (18 February) posted a sluggish profits gain, boosted by the performance of its Coles supermarket business.The coal-to-groceries conglomerate said that profits in the first six months of the year edged up 1% to A$879m. Sales for the period, ended 31 December, increased to A$26.53bn, up from A$26.36 last year.

Wesfarmers said that its Coles supermarket unit had booked a strong sales performance.

Revenue from its Coles supermarket business was A$15.16bn, compared to A$14.62bn for the half-year of last year.

Like-for-like food and liquor sales rose 6% and total food and liquor sales increased 7.5% to A$12bn, in spite of the economic downturn.

Coles’s earnings before interest, tax and corporate overheads increased to A$486m, up from A$431m previously.

“Performance across the retail business was strong, with earnings increasing 22.6% compared to the previous corresponding period,” Wesfarmers said in a statement.

“The Coles division’s performance over the period was pleasing. This result reflects the significant amount of work under way on the long-term turnaround of that business.”

just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/


Bookmarks

  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Furl
  • Netvouz
  • NewsVine
  • Reddit
  • Fark
  • Propeller
  • Slashdot
  • StumbleUpon
  • Technorati

Reader Comments

Australian Food News reserves the right to edit or not publish comments of a potentially offensive or defamatory nature. Comments will not be published if name and email address has not been provided (name and email will be withheld if requested).

The opinions expressed below are those of Australian Food News readers and do not necessarily reflect those of Australian Food News.