Wesfarmers increased its final dividend 26 per cent after underlying net profit rose 27.6 per cent to $2.87 billion in 2017, the strongest growth since 2009, as surging coal prices and market share gains at Bunnings countered weaker earnings at Coles.
The result, which was marginally below consensus forecasts around $2.88 billion, highlighted the benefit of Wesfarmers’ conglomerate structure amid intense price competition in supermarkets, lacklustre discretionary spending and a patchy recovery in commodity markets.
Earnings at Coles, which accounts for 38 per cent of group earnings, fell 13.5 per cent to $1.61 billion after the food and liquor retailer ramped up its investment into reducing grocery prices and improving service…
Read the full article at: http://www.afr.com/business/retail/wesfarmers-profit-up-28pc-as-coal-and-bunnings-counter-weaker-coles-20170810-gxtnwy