Business
Wesfarmers (ASX:WES) share price on watch after broker upgrade
The Wesfarmers Ltd (ASX: WES) share price could be on the move today.
This morning a leading broker upgraded the conglomerate’s shares in response to its half year results.
What happened?
On Thursday Wesfarmers released its results for the six months ended 31 December. It reported a 16.6% increase in revenue to $17,774 million and a 25.5% jump in net profit after tax (excluding significant items) to $1,414 million.
The key driver of its growth was its Bunnings business. The hardware giant reported a 24.4% increase in revenue to $9,054 million for the half. This represents over half of the company’s revenue during the period.
Also supporting its growth was a 23.7% jump in Officeworks revenue to $1,523 million, a 9% lift in Kmart…
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