Was Richard Goyder right to buy Coles Group seven years ago? Wesfarmers’ latest half-year results suggest the answer is a resounding ‘yes’. The company’s original businesses – with the noteworthy exception of Bunnings – produced interim profits that might charitably be described as ‘uninspiring’.
Just 9% of earnings came from the company's Resources, Chemicals, Energy, Fertilisers, Industrial & Safety businesses. Between them, Coles and Bunnings produced 72%, while the remaining retail businesses accounted for 19%.