Sales of Wesfarmers’ Coles up 4.3%
Australia's major retailer Wesfarmers (ASX: WES) says it had a strong performance over the year after boosting sales by 4.3 per cent at its Coles supermarket business.
According to the diversified conglomerate, sales at Coles for the year to June 27, 2010 climbed to $29.77 billion from $28.55 billion in the previous corresponding period.
Coles' sales for the quarter to March 29 rose 5.5 per cent to $7.448 billion.
Wesfarmers chief executive Richard Goyder said the retail business' sales performance was solid overall.
''Good progress continues to be made on growth strategies across the group's retail businesses, with customers responding well to improvements in product range, value and service,'' He said.
''Over the last 12 months, our retail businesses have established or reinforced sound business platforms and have strategies in place to further improve the customer experience.''
"This leaves the group well placed for the 2011 financial year," Mr Goyder said.
Target and Kmart both posted marginally positive sales increase for the year, accomplished in what was a challenging trading period in the second half, according to Perth-based Wesfarmers.
"Pleasingly, both businesses saw positive customer growth in the second half, in particular in Kmart where it continued to significantly restructure its customer offer."
Kmart sales for the year rose 0.4 per cent to $4 billion and 1.1 per cent for the quarter.
Sales for its Target stores climbed 0.9 per cent for the year and slumped 4.4 per cent for the quarter.