Wesfarmers defies retail gravity

While Coles continued its impressive earnings growth in the first half amid exceptionally tough conditions, the standout performer in the Wesfarmers stable was Kmart.

Last financial year, Wesfarmers’ Coles supermarket and liquor business grew its earnings at more than three times its rate of sales growth. For the first half of this year earnings grew at ‘only’ twice the rate of the increase in sales. Is the momentum of Coles’ resurgence maturing and slowing?

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