Food and liquor sales for the three months to March 31 rose to $7.518 billion, from $7.097 billion for the prior corresponding period, while total Coles sales improved 3.2 per cent.
Sales at Target improved 2.3 per cent to $678 million, but Wesfarmers says that was only due to an early Easter and that adjusted comparable store sales dipped 0.8 per cent.
“Due to (Target’s) declining sales momentum, including poorer-than-expected sell-through of some summer lines, targeted clearance activity was undertaken late in the quarter, further affecting sales and margins,” department stores chief executive Guy Russo said in a statement on Thursday.
“Higher clearance activity is also expected in the fourth quarter, with further risk in relation to winter categories.”
Kmart lifted sales 17.9 per cent through strong demand for clothing and homewares.
Even stripping out the boost from Easter, comparable store sales improved 12.3 per cent.
Wesfarmers’ third quarter performance
* Coles food and liquor up 5.9 per cent to $7.52b
* Coles convenience down 8.9 per cent to $1.45b
* Bunnings up 11 per cent to $2.59b
* Officeworks up 5.6 per cent to $512m
* Kmart up 17.9 per cent to $1.10b
* Target up 2.3 per cent to $678m
AAP
