Business
Wesfarmers (ASX:WES) share price tumbles despite strong half year profit growth
The Wesfarmers Ltd (ASX: WES) share price has tumbled lower following the release of its half year results.
In morning trade, the conglomerate’s shares are down 3% to $52.50.
How did Wesfarmers perform in the first half?
For the six months ended 31 December, Wesfarmers reported a 16.6% increase in revenue to $17,774 million.
This was driven by a 24.4% increase in Bunnings revenue to $9,054 million, a 23.7% jump in Officeworks revenue to $1,523 million, a 9% lift in Kmart Group revenue to $5,441 million, and a 6.6% increase in Chemicals, Energy and Fertilisers revenue.
An improvement in its earnings before interest and tax (EBIT) margin from 11.3% to 12% led to half year EBIT growing 23.2% to $2,137 million.
On the bottom line,…
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