The West

Coles was a standout in Wesfarmers 9pc first-half profit jump.
Coles was a standout in Wesfarmers 9pc first-half profit jump.

Wesfarmers' first-half profit jumped 9 per cent as earnings growth from Coles and hardware chain Bunnings more than offset a weaker performance by Target and its coal operations.

Wesfarmers made a net profit of $1.29 billion in the six months to December 31, up from $1.176 billion in the previous corresponding period.

Coles posted earnings growth of 15 per cent, on the back of growing customer numbers.

Earnings from the Bunnings business rose by 7 per cent from the same period in the previous year, but Target suffered a 20 per cent fall in earnings because of spending on its new strategy.

Wesfarmers' resources operations also posted lower earnings because of lower coal prices and the high Australian dollar.

Chief executive Richard Goyder said he expected further earnings growth in the company's retail businesses in the second half of the financial year.

More to come…

The West Australian

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