Wesfarmers: Interim result 2015

Wesfarmers has done a great job with Coles and Bunnings and this was borne out in its latest results; there's likely more to come, but this is borne out in its valuation.

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%.

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