Wesfarmers won’t give up on Target despite weak sales
Wesfarmers is committed to improving Target’s performance despite it being the weak link in the company’s 2019 profit results.
Australia’s second-largest retail company saw a surge in profits on the back of strong results from Bunnings and Officeworks but also experienced weak sales from Kmart and Target.
Its overall earnings before interest and tax jumped 12.2 per cent to $2.97 billion but Target’s like-for-like sales dropped 0.8 per cent.
Wesfarmers CEO Rob Scott tells Ross Greenwood a lot more work can be done to improve the department store.
“We’re clearly not happy with the performance but I think that there is a path forward.
“We’ve taken the business from what was an unprofitable position to now a profitable position.”
Click PLAY to hear the full interview