Slowing Growth at Coles Rattles Investors, but Challenging Conditions Had Been Flagged
An interesting theme appeared throughout the quarterly results of narrow-moat Wesfarmers, with weather events having affected many of the conglomerate’s business units. The reversal in food deflation at Coles was mainly due to weather affecting the supply of fruit and vegetables; trading at Bunnings was tempered by wetter and cooler weather; a slow start to summer affected seasonal sales at Target; and metallurgical coal production was down significantly, as precipitation was sixfold that of the...Wesfarmers is engaged in the retailing operations including supermarkets, merchandise and department stores, fuel, liquor and convenience outlets; retailing of home improvement and outdoor living products and supply of building materials; retailing of office and technology products; coal mining and production; gas processing and distribution; industrial and safety product distribution; and chemicals and fertilisers manufacture; and investments. Co.'s retail operations includes Coles, which operates Coles Supermarkets, Coles Express, Liquorland, Vintage Cellars, First Choice Liquor, and Spirit Hotels, among others; while its departmental operations include Kmart and Target retailers.
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