Wesfarmers Limited
(ASX:WES) says its retail offerings are well placed for the Christmas period and is optimistic that lagging Target stores will see a rapid turnaround next year after its leadership reshuffle.
At the group's annual general meeting, Wesfarmers managing director Richard Goyder said the group's diverse business operations were trading as expected, led by first quarter growth in key retail chains Coles, Bunnings, Officeworks and Kmart.
Target continued to weigh with comparable first-quarter performance declining 5.2 per cent on the previous year, but Mr Goyder says he’s optimistic that management changes set to be completed by Christmas will accelerate transformation activities.
Mr Goyder also reiterated his plans to take on the Amazon gorilla and other competitive threats to the group's core retail business.
Wesfarmers generated a net profit of $2.26 billion in fiscal 2013.
