Chanticleer
Wesfarmers’ warning to ‘greedy’ rivals
Wesfarmers CEO Rob Scott says inflation is everywhere. But he is determined to double down on his lowest prices strategy as rivals try to recover margin.
It’s enough to make you think you’re seeing things. Could earnings at Bunnings, a titan of Australian retail and the flagship of the Wesfarmers fleet, really go backwards?
Welcome to the crazy world of the COVID-19 crisis. Bunnings’ earnings in the December half fell 1.2 per cent to $1.3 billion as a combination of pandemic-related trading restrictions, increased COVID-19 costs, supply chain disruptions and margin pressures hit the hardware giant.
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