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Wesfarmers takes $500m Target hit as profits slide – Sydney Morning Herald

The conglomerate has seen its profits slide after writing down the value of its struggling discount department store chain and taking provisions for its restructuring.

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The writedowns were partially offset by a $510 million gain on the company’s sale of Coles shares earlier this year, and by a revaluation of its retained 4.9 per cent stake in the supermarket chain, trimming the net total of significant costs weighing on Wesfarmers’ result to $435 million.
Taking into account Wesfarmers’ $3.1 billion gain from the Coles demerger and other asset sales, which occurred in the prior financial year and had massively inflated last year’s profit, statutory net income …

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