The highlight for the period was strong growth in retail earnings which increased by 22.6 per cent as compared to the previous corresponding period. The improvement in results was driven broadly across Wesfarmers’ retail businesses and reflected the continued turnaround of Coles, Kmart and Officeworks and the ongoing strong performance of Bunnings and Target.

Earnings from the Resources division were significantly down on last year’s record result, due to materially lower global export coal prices, high Stanwell royalty and costs associated with the early close-out of a number of foreign exchange hedge contracts.

Earnings for both the Energy and the Chemicals and Fertilisers divisions improved, despite a $25 million write-down of fertiliser inventory, following a return to full gas supply during the period.

For more information download the full media release or visit the Wesfarmers website:

• Wesfarmers Half Yearly Results - media release
• www.wesfarmers.com.au