In their quarterly report released today, Wesfarmers announced that sales growth in their food and liquor area continues to disappoint.
The owner of Coles reported that food and liquor sales grew by only 0.4% in Q1 2018, which is down from last year’s 1.8% gain. In addition, lower fuel sales has also slowed convenience store sales growth.
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On a brighter note, the report showed continued strong performance from its Bunnings, Kmart and Officeworks chains.
Bunnings total sales growth was 11.7%, Kmart lifted 4.9% and sales at Officeworks rose by 7.8%
Shares of WES are down over 2% to 41.80 in early trade. We see the next key support level in the low $40.00 range.
Wesfarmers
