Dynamic Business

Wesfarmers Ltd has posted a 44 percent rise in annual profit, off the back of strong sales from the company’s Coles division.

Revenue jumped 52 percent to $51 billion in the year ending June 30, with more than half of that coming from the Coles division, which comprises supermarkets, liquor, fuel and convenience goods.

“The turnaround of Coles continues to meet the company’s expectations with a stronger in-store offer driving increasing customer numbers and basket growth,” Wesfarmers said.

Managing director Richard Goyder said he was pleased with the results in light of the current economic climate.

“The improvement in Coles is very encouraging with its performance reflecting good customer response as we progress through the early stages of the five year turnaround plan,” he said.

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