No Christmas Miracles for Wesfarmers' Discount Department Stores. FVE Unchanged at AUD 29
We make no changes to our AUD 29 fair value estimate for wide-moat-rated Wesfarmers following a trading update to December 2018. Since Wesfarmers' annual general meeting in November 2018, sales growth in department stores moderated further over the key Christmas period, slightly worse than we had expected. In our view, the division has reached its peak store footprint. We expect unprofitable stores will have to gradually close as online sales represent an increasingly larger slice of incremental...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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