Business
Wesfarmers profit jumps after retail spending spree – NEWS.com.au
Wesfarmers profit jumps after COVID-19 shopping spree
Wesfarmers has booked full-year earnings of more than $2 billion after the Federal Governments COVID-19 stimulus measures boosted retail sales.The 2019-20 net profit was an 8.2 per cent improvement on the previous financial year when it racked up costs for the Coles demerger.
The latest result came after the group took a $525 million pre-tax impairment relating to closing underperforming Target stores and converting some into Kmarts.
The diversified conglomerate’s revenue jumped by more than 1…
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