“All of our businesses continue to deliver a compelling offer to their customers and Wesfarmers enters the new calendar year with a strong balance sheet and operating businesses well positioned for the future," Scott said about first half results of 2019.
Total sales in Kmart excluding Kmart Tyre and Auto (KTAS) have increased by 1.0 per cent, with comparable sales declining by 0.6 per cent. Kmart sales growth during the period was impacted by various factors including weaker sales in apparel categories, particularly in womenswear.
In Target, total sales increased by 0.2 per cent, with comparable sales up by 0.5 per cent, representing an improvement on the prior corresponding period. Pleasingly, inventory levels in both Kmart and Target remain at appropriate levels.
The moderation in sales growth in Kmart is expected to result in earnings before interest and tax for Department Stores for the half-year ending December 31, 2018 between $385 million and $400 million, excluding the gain on disposal of KTAS. (RR)
ALCHEMPro News Desk – India
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