Wesfarmers

Shares in Wesfarmers have fallen 3% after the company warned that its Target retail business would only break even in the six months to June. Target, which made earnings before interest and tax of $148m in the six months to December, is now expected to earn between $140m and $160m in the year to June, down from $284m in 2012. It’s not quite as bad as it sounds, though, because the business is highly seasonal, with first-half EBIT typically being more than double second-half EBIT. The announcement blamed the profit fall on a weak sales performance, ‘exacerbated by a...

Shares in Wesfarmers have fallen 3% after the company warned that its Target retail business would only break even in the six months to June. Target, which made earnings before interest and tax of $148m in the six months to December, is now expected to earn between $140m and $160m in the year to June, down from $284m in 2012. It’s not quite as bad as it sounds, though, because the business is highly seasonal, with first-half EBIT typically being more than double second-half EBIT.

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