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Australia’s Wesfarmers flags lower first-half profit hurt by coronavirus curbs -Breaking

by Mike Robinson

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(Reuters] – Australian retailer conglomerate Wesfarmers Ltd announced Monday it would report first-half profit after tax of A$1.18 billion ($851.72million) and A$1.24 trillion, a decline from A$1.41 billion last year because coronavirus-induced restraints caused by the virus.

Kmart Group (one of Wesfarmers’ top revenue-contributing entities) lost approximately 25% of its trading days during fiscal 2022. This was due to increased community transmission of coronavirus.

A reduction in foot traffic along with rising COVID-19 related costs impacted profitability of the merchandise retailer Kmart Group, which generated about 32% of revenue in fiscal 2021 https://sitefinity.wesfarmers.com.au/docs/default-source/reports/2021—wesfarmers-annual-report.pdf?sfvrsn=9d9111bb_2.

For the fiscal half-year ended December 31, 2021, the Kmart Group’s earnings before significant items and payroll remediation costs is expected to be between A$170 million and A$180 million, sharply lower than last year https://www.wesfarmers.com.au/docs/default-source/asx-announcements/2021-half-year-report-incorporating-appendix-4d.pdf?sfvrsn=bf520fbb_0’s A$502 million.

Australian Pharmaceutical Industries will be purchased by the Perth-based conglomerate. After a lengthy bidding process, it is expected that COVID-19 related cost pressures will continue as new infections rise.

($1 = 1.3854 Australian dollars)

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