Retail lift drives 10 per cent hike in Wesfarmers profit

MITCHELL NEEMS
FEBRUARY 19, 2014
BUSINESS SPECTATOR
WESFARMERS has lifted its interim profit by more than 10 per cent, driven by strong earnings growth across its retail portfolio, particularly Coles and Bunnings.
In the six months to December 31, Wesfarmers posted a net profit of $1.43 billion, an 11.2 per cent increase on the $1.26 billion recorded in the first half of fiscal 2013.
In the same period revenue was $31.85 billion, a 4 per cent lift on the previous corresponding period’s $30.61 billion.
The group will pay a fully franked interim dividend of 85c on April 2 to shareholders on the register at February 28.
The previous corresponding dividend was 77c, fully franked.
Wesfarmers said it would continue to strengthen its existing businesses, secure growth opportunities and renew and develop the portfolio in order to deliver satisfactory long-term shareholder returns.
The retail businesses were expected to continue to grow as they improved customer propositions, invest in value, innovate merchandise offers, focus on operational productivity and optimise store networks, Wesfarmers said.