Australia: Coles parent company records profit growth

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Australia: Coles parent company records profit growth

Australian company Wesfarmers Limited (ASX: WES) has reported an 11.2% year-on-year rise in after tax profit, hitting AUD$1.429 billion (US$1.29 billion) for the half year ending Dec. 31, 2013. Coles sq Wikimedia Commons

In an announcement to the Australian Stock Exchange, the company said the highlights for the period included earnings performances from hardware chain Bunnings and supermarket chain Coles.

The latter and retail chain Woolworths Limited (ASX:WOW) make up a powerful oligopoly in the Australian retail space, and despite the country's population of less than 23 million people, both WES and WOW were in the world's top 20 retailers in a recent Deloitte Global Powers report.

Coles' earnings were up 10.7% year-on-year for the period, reaching AUD$836 million (US$752.67 million).

WES said initiatives to improve operational efficiency and productivity progressed during the half, with the expanded trialing of easy ordering for meat, bakery and fresh produce.

At the time of writing, WES shares were slightly down by 1.73% at AUD$42.65 per share.

Photo: Wikimedia Commons



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