Wesfarmers flags $774m impairment

Writedown of Target's goodwill, Coles liquor restructure will erode profit from insurance sale.

Wesfarmers (WES) has announced impairment charges for Target and its Coles liquor division that will substantially erode the profit from the sale of its insurance businesses.

The retail giant expects a pre-tax net gain of approximately $261 million to $301m in its full-year results from non-trading items, despite selling its insurance broking and underwriting businesses for a profit of $1.035 billion to $1.075bn.

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