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Wesfarmers boss warns of heavy lockdown tolls as company profits slide

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A litany of writedowns and provisions were listed in relation to Target, which Wesfarmers is in the process of restructuring, closing around 75 stores and converting another 92 into Kmarts.

closing around 75 stores and converting another 92 into Kmarts as it tries to reduce the discount chain's "unsustainable" cost base.

Taking into account Wesfarmers' $3.1 billion gain from the Coles demerger and other asset sales, which occurred in the prior financial year and had massively inflated last year's profit, statutory net income fell 69.2 per cent. Revenue for the Kmart Group, which includes Kmart, Target and online division Catch, rose 7.2 per cent to $9.2 billion, though earnings plummeted 22 per cent to $422 million due to higher operating costs.

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converting into kmarts . . . seriously . . . where everything is the same brand . . . like shopping in soviet era Russia . . . its horrible

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