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Wesfarmers reconfirms guidance

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AAP

2012-11-14

Wesfarmers' chief executive says the company is performing in line with its profit guidance so far this financial year and its retail businesses are continuing to grow.

Richard Goyder told Wesfarmers' annual general meeting in Perth on Wednesday that the company was performing in line with the outlook statement it made at its full year results.

He said Wesfarmers' insurance and retail business, which includes Coles, Target and Bunnings, has had a good start to 2012/13.

"Our retail businesses continue to achieve good transaction growth and provide better value for customers, while our insurance business has to date benefitted from improved underwriting performance and lower claims experience," he said.

However, he said the company's industrial businesses have had a mixed start to fiscal 2013.

Its resources businesses had been affected by significantly lower commodity prices and its industrial and safety division had experience a slowdown in some of its markets.

But Wesfarmers' chemicals, energy and fertilisers division had been trading well.

Wesfarmers made a profit of $2.1 billion for the year to June 30, an 11 per cent increase on the $1.9 billion from the previous year.