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Coles, Bunnings results dragged down by Kmart and Target


 
Wesfarmers Limited has released its second quarter retail sales results for the period ending 31 December 2011. While Coles has continued strong year-on-year sales growth of 6.7% and Bunnings/Officeworks 4.8%, Kmart fell by 2.2% and Target by a disappointing 3.1%.
 
Wesfarmers managing director Richard Goyder said that given a relatively tough retail environment and widespread deflation he was pleased with the group’s sales result, particularly the momentum in Coles and Bunnings, where both businesses recorded good sales growth in the second quarter.
 
“Our retail businesses continue to work hard to execute strategies that are improving the value and shopping experience of their customers,” Mr Goyder said.
 
“Coles reported its fourteenth straight quarter of comparable store sales growth with customer numbers and sales units continuing to grow faster than sales. This period delivered a record-breaking Christmas, with Coles achieving its biggest-ever sales week as more customers responded to the greater value offered as well as improvements in product quality and in-store service.
 
“Bunnings’ sales increased 5.5 per cent in the quarter, despite ongoing deflationary impacts, reflecting a solid contribution from new store openings and growth in both consumer and commercial areas.
 
“Kmart and Officeworks continue to benefit from initiatives put in place to reposition these businesses. It was encouraging to see that both divisions reported another quarter of strong growth in both units sold and customer transactions, although sales were affected by the deflationary pricing environment.
 
“Target experienced difficult trading conditions in the quarter, with total sales declining 3.1 per cent. December sales were more encouraging as the business took steps to improve promotional effectiveness and stock management.”
 
Mr Goyder said in a retail environment where consumer sentiment remained subdued, each of the retail businesses had managed their seasonal inventory positions well with appropriate levels of good quality inventory on hand, which would be of benefit going into the second half.
 
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